Bajaj Finance to acquire 40% in Snapwork Tech

28 Nov 2022 , 12:20 PM

Bajaj Finance Ltd (BFL) signed a Securities Subscription Agreement, Shareholders Agreement and Share Purchase Agreement?on Friday (25 November) with Snapwork Technologies?to acquire up to 40% stake in the latter by way of primary and secondary transactions. The acquisition of Snapwork Technologies, which had a revenue of Rs 33.71 crore in FY22, is proposed with the intention to strengthen BFLs technology roadmap, the NBFC said. The transaction is expected to be completed prior to 31 December 2022, unless extended by the company,per the filing. Incorporated in 2008, Snapwork Technologies is engaged in developing, consulting, providing, exporting, importing, marketing, dealing in and implementation of software technology and allied products for its clients and conducting research and development for the same. BFL is mainly engaged in the business of lending. On consolidated basis, the companys net profit surged 87.8% to Rs 2,780.65 crore on 29% jump in net sales to Rs 9,972.63 crore in Q2 FY23 over Q2 FY22. The BFL scrip advanced 0.96% at Rs 6811 on the BSE. Powered by Capital Market – Live News