Bajaj Finance Ltd on Tuesday said it will acquire 12.60% stake in mobile wallet company Mobikwik as against 10.83% stated earlier due to a change in conversion price of the compulsory convertible cumulative preference shares.
In August last year, Bajaj Finance had entered into a subscription agreement with One MobiKwik Systems to acquire 10.83% stake for about Rs225 crore. “Due to the change in the conversion price of compulsory convertible cumulative preference shares (CCCPS)…the company will now hold approximately 12.60 percent of equity in Mobikwik on a fully diluted basis post conversion of CCCPS, as and when it happens,” it added.
“There is no further investment made by the company that what has been made earlier,” it added. Under the agreement, Bajaj Finance will acquire 10 equity shares and 271,050 compulsory convertible preference cumulative preference shares (CCCPS) of Mobikwik.
Shares of Bajaj Finance were trading down 2.16% at Rs1,704.25 on BSE.
Source: Mint