Fino Payments Bank rose 1.04% to Rs 193.70 after the board of PaySprint approved the proposed allotment of 7.98% stake to the bank.
The board of PaySprint has approved allotment of 867 equity shares of face value of Rs 10 each to Fino Payments Bank at a premium of Rs 28,801 per share. This translates to a total investment of Rs 2,49,79,137, representing 7.98% of paid up share capital of PaySprint.In April 2022, the bank's board approved the strategic investment in PaySprint by way of subscription of shareholding. The bank executed the share subscription and shareholders' agreement with PaySprint on 20 September 2022.
The bank is planning an aggregate investment of upto Rs 4 crore, i.e. 12.19% of the paid up equity share capital of PaySprint.
The first tranche of the proposed investment of upto Rs 2.5 crore is expected to be completed on or before 10 October 2022. Remaining investment of upto Rs 1.5 crore is expected to be completed on or before 31 March 2023.
Delhi-based Paysprint is engaged in developing Application Programming Interface (API) for business-to-business (B2B) integration. In FY2022, Paysprint recorded turnover of Rs 63.48 crore and Gross Merchandise Value of Rs 5,500 crore.
Mumbai‐based Fino Payments Bank is a subsidiary of Fino Paytech. It operates on an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships. The bank's platform had facilitated more than 67 crore transactions with a gross transaction value of over Rs 1.87 lakh crore in financial year 2021‐22.
Net profit of Fino Payments Bank surged 222.68% to Rs 10.10 crore on 40.2% increase in total income to Rs 289.05 crore in Q1 June 2022 over Q1 June 2021.
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