Affle India to acquire Singapore-based Appnext; stock jumps 5%

Affle will initially acquire 66.67 per cent equity ownership in Appnext Singapore, with a clear path to acquire 100 per cent equity ownership upon attainment of mutually agreed growth target

Shares of Affle India jumped 5 per cent to Rs 1,555.55 on the BSE on Tuesday after the company announced acquisition of Singapore-based Appnext Pte Ltd. At 10:05 am, the stock was trading 3.45 per cent higher at Rs 1,532.65 apiece on the BSE, compared to 271 points, or 0.79 per cent, gain in the benchmark S&P BSE Sensex at 34,641.95 level.

" Affle (India) Limited through its subsidiaries (“Affle”), today announced the signing of definitive agreements to acquire full control of Appnext Pte. Ltd., Singapore and 100% IP of Appnext app discovery and recommendation platform with immediate effect," the company