Bajaj Finance to acquire minority stake in Snapwork Technologies

Bajaj Finance has entered into a Securities Subscription Agreement, Shareholders' Agreement and Share Purchase Agreement on 25 November 2022 to acquire up to 40% stake (fully diluted basis) in Snapwork Technologies by way of primary and secondary transactions.

The acquisition is proposed with the intention to strengthen the company's technology roadmap.

The company will invest up to Rs 93 crore to acquire 40% stake (on fully diluted basis) as under:
1. 45,098 Compulsorily Convertible Series A Preference Shares (Series A CCPS) of face value of Rs. 10 each (Primary);
2. 20,000 equity shares from promoters of Snapwork of face value of Rs. 1 each (Secondary).

 

Snapwork is engaged in the business of developing, consulting, providing, exporting, importing, marketing, dealing in and implementation of software technology and allied products for its clients and conducting research and development for the same.

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