“The bank has signed an agreement for sale of 1,90,500 equity shares of face value of Rs 1 per share of Mswipe Technologies Private Limited (‘Mswipe’ or the ‘Entity’), at Rs 4,249 per share, resulting in a total cash consideration of Rs 80.94 crores,” Axis Bank Ltd said in a filing to the Bombay Stock Exchange on June 21, 2017.
Mswipe Technologies is primarily engaged in the business of merchant acquiring services.
The bank further said that, the transaction will be completed not later than July 2017.
The private sector lender has divested 8 per cent holding of Mswipe Technologies Pvt Ltd
Meanwhile, shares of the bank closed at Rs 507.55 apiece, down 0.83 per cent, from previous close on BSE.