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| Exchange Received Time 06/10/2017 20:20:14 Exchange Disseminated Time 06/10/2017 20:20:18 Time Taken 00:00:04 | This is with reference to the announcement dated 27th July 2017 regarding the Bank entering into a Share Purchase Agreement with Jasper Infotech Private Limited ('Snapdeal'), to acquire 100% equity capital of both Accelyst Solutions Private Limited ('Accelyst') & Freecharge Payment Technologies Private Limited ('FPTPL') (Accelyst and FPTPL collectively referred to as 'Freecharge').
Pursuant to the receipt of approval for the said transaction from Reserve Bank of India, the Bank has completed the acquisition of Freecharge for a cash consideration of Rs. 373.27 crore, on a cash-free, debt-free basis. Shri Sangram Singh has been appointed as the CEO of FPTPL.
The particulars of the acquisition are provided in the Annexure hereto.
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