Axis Bank to acquire over 5% stake in CredAble for Rs 55 crore by September

Axis Bank on Tuesday said it will acquire over 5 per cent stake in fintech platform CredAble for Rs 55 crore and the deal is expected to be completed by September.

The bank will acquire 8,921 equity shares, equivalent to 5.09 per cent, of face value of Rs 10 each for Rs 55 crore in CredAble. The acquisition is expected to be completed by September 30, 2022, Axis Bank said in a regulatory filing.

CredAble is a fintech platform which enables working capital financing for vendors, distributors, dealers and retailors through its network of financial institutions. It also offers licensing of its technology to financial institutions as a co-branding solution.