KFin Technologies sign deal to acquire 25.63% stake in Fintech Products and Solutions (India)
Capital MarketKFin Technologies has entered into definitive agreements on 24 February 2023 for subscribing to 1,041,525 Equity Shares in Fintech Products and Solutions (India) (FPSIPL) for a consideration of Rs. 6.50 crore translating into an equity shareholding of 25.63% of the post-issue share capital of FPSIPL (Initial Primary Transaction). FPSIPL has a wholly-owned subsidiary, namely Finsec AA Solutions (FASPL) which is licensed by the Reserve Bank of India to carry out the business of Account Aggregator. The transaction is subject to customary closing conditions.
Under the definitive agreements, the Company also has an option to acquire additional equity share capital of FPSIPL taking its aggregate shareholding in FPSIPL to 75.01% of the total share capital of FPSIPL, through a combination of purchase of securities from existing shareholders and debenture holders of FPSIPL as well as subscription to fresh equity shares to be issued by FPSIPL, subject to satisfaction of customary closing conditions and receipt of regulatory approvals.
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