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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