Axis Bank sells its shares with MSwipe Technologies

MUMBAI: The country’s third largest private sector lender Axis Bank has sold 1,90,500 equity shares of mobile point of sales company Mswipe at Rs 4249 per share at Rs 80.94 crore, the bank reported to the Bombay Stock Exchange on Wednesday.

In the statement, the bank said that the objective of the sale was disinvestment and it had earned Rs 57.4 crore from the company in the financial year 2016.

ET had reported yesterday that MSwipe had raised fresh funds through primary as well as secondary deals and had brought Ratan Tata backed RNT-UC on board which bought out the entire stake of 8% that was previously held by Axis Bank.

The bank told the exchanges that it wished to complete the entire transaction by end of July of this year.

MSwipe is backed by US-based hedge fund Falcon Edge Capital, investment company Meru Capital, ride-hailing app Ola, DSG Consumer Partners and Matrix Partners.

“We are working towards developing the next generation Android-based smart POS terminals that will offer merchants capabilities like GST compliant billing and inventory management with integrated and seamless payment acceptance, on the same device,” said Manish Patel, founder of Mswipe.

Mswipe which acquires its own merchants and deploys mobile PoS terminals for card payments has around 2,46,000 terminals operational across 550 locations in the country.