Fino Payments Bank executes SSA for acquisition of 12.19% stake in PaySprint

21 Sep 2022 , 12:21 PM

Fino Payments Bank Limited informed that it executed the Share Subscription and Shareholders’ Agreement with PaySprint on September 20, 2022.

The company stated that this is in furtherance of its letter dated April 12, 2022, about the BOD’s decision to approve investment by way of subscription of shareholding in PaySprint Private Limited.

The projected investment of up to Rs2.5 crore will be completed on or before October 10, 2022.

The remaining investment of up to Rs1.5 crore is projected to be completed by March 31, 2023, subject to RBI approval where applicable and at the Bank’s sole discretion.

The company will acquire 867 equity shares in the first tranche for a consideration of approx. Rs2.5 crore. While, it will acquire 521 equity shares in the second tranche for a consideration of approx. Rs1.5 crore.

The aggregate investment shall be up to Rs4 crore, aggregating to 12.19% of the paid-up equity share capital of PaySprint, said the company on Tuesday.

Paysprint Private Limited, situated in Delhi, is engaged in the development of an Application Programming Interface (API) for business-to-business interaction (B2B). The company has and plans to create API stacks in various industries.

At around 12.29 PM, Fino Payments Bank was trading at Rs251.50 down by 0.49% from its previous closing of Rs252.75 on the BSE. The scrip touched intraday high and low of Rs261 and Rs250.25 respectively.

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