Cholamandalam Investment and Finance Co. Ltd. (CIFCL) on Wednesday announced that it had completed the acquisition of Payswiff Technologies Pvt. Ltd, a fintech payment solutions provider.

Earlier, the Murugappa group firm had entered into shareholders agreement and a share purchase agreement with Payswiff, its founders and other existing shareholders for a sum of ₹450 crore. On Wednesday, CIFCL purchased 25,20,602 lakh equity shares for ₹1,622.66 each, it said in a regulatory filing.

Consequent to this acquisition, Payswiff has become a subsidiary of CIFCL with the aggregate holding of the latter in Payswiff constituting 71.94%.

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Printable version | Feb 9, 2022 11:31:52 PM | https://www.thehindu.com/business/cholamandalam-investment-completes-payswiff-deal/article38404187.ece

Cholamandalam Investment completes Payswiff deal