CHENNAI: The board of directors of Axis Bank Limited has approved a scheme for amalgamation of Accelyst Solutions Private Limited with Freecharge Payment Technologies Private Limited, both wholly-owned subsidiaries of the bank.
The amalgamation, however, is subject to necessary statutory and regulatory approvals.
Accelyst Solutions Private Limited has its registered office in Mumbai. It is engaged in the business of owning and operating a web and mobile-based platform for providing online recharge/bill payment/coupon services, marketing platform for third parties, distribution of mutual funds and insurance products through the mobile application/website/mobile site.
"Freecharge Payment Technologies Private Limited" has its registered office in New Delhi. It is engaged in the business of providing payments solutions, payment support services and technology solutions.
The shareholders of Accelyst Solutions will get 174 shares of Freecharge (face value of ₹ 10 ) for every 100 equity shares held by them in Accelyst Solutions.
