Regulatory approvals are pending from the Reserve Bank of India to complete Axis Bank’s acquisition of FreeCharge as both are regulated entities, with the latter holding a prepaid payment instrument (PPI) licence.
The deal is expected to conclude by the end of September 2017.
J Sagar Associates (JSA) advised and assisted Jasper Infotech, which runs e-commerce site Snapdeal.com, on the sale of 100% of shares in the FreeCharge business (which comprises FreeCharge Technologies and Accelyst Solutions) to Axis Bank for US$60 million.
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