Trading in the shares of payments services company Findi was stopped on Friday ahead of a media report it will buy an Indian company.
The Australian Financial Review (AFR) newspaper reported Findi’s Indian subsidiary Transaction Solutions International had agreed to acquire BankIt Services for about A$27 million.
Findi shares were placed in a trading halt on the Australian Securities Exchange (ASX) pending an announcement that the AFR reported could be made today.
The AFR wrote Findi was looking to float the Indian subsidiary as a separate entity which could be valued at as much as $750 million to $1 billion, or about five times Findi’s current market capitalisation on the ASX.
Azzet approached a Findi representative for comment, but by the time of publication had received no response.
Findi, a fintech company based in New Delhi, is evolving from an automatic teller machine (ATM) service provider to the major Indian banks to a digital bank and dynamic payments company.
Findi (ASX: FND) shares closed at $3.76 on Friday, capitalising the company at $184.6 million, which is less than half the price in November 2024 due to a deterioration in trading conditions since then.