Bajaj Finance plans to buy stake in mobile wallet Mobikwik

Bajaj Finance is set to acquire 12.60 per cent stake in mobile wallet company Mobikwik for about Rs. 225 crore. The NBFC major had entered into a subscription agreement with One MobiKwik Systems to acquire 10.83 per cent stake in August 2017. Although a change in conversion price of the compulsorily convertible cumulative preference shares revised it to 12.60 per cent, the company informed on Tuesday.

According to the agreement, Bajaj Finance will be acquiring about 10 equity shares and 2,71,050 compulsory convertible preference cumulative preference shares of Mobikwik.

Bajaj Finance had posted a hike of 36.58 per cent in the net profit in the second quarter of FY18 on a yearly basis. On annual front, the company’s net profit rose 43.65 per cent in the fiscal year 2017 on a yearly basis.

The company has surged by about 92 per cent on the bourses in the past one year. On Tuesday, Bajaj Finance remained in the negative territory throughout the trading session. The stock recorded an intraday high of Rs. 1,750.40 per share and an intraday low of Rs. 1,686 per share on BSE, respectively. At 14:27 hours IST, the stock was trading at Rs. 1,690 per share, down by 2.98 per cent on BSE.