Affle India Shares Gain After Unit Plans To Buy Appnext's Remaining Stake
The company's Singapore unit, Affle International Pte., will acquire the shares for $1.5 million within three years in tranches.
Shares of Affle (India) Ltd. rose on Friday after its unit said it would acquire the remaining 5% shares of app discovery platform Appnext Pte.
The company's Singapore subsidiary, Affle International Pte., will acquire the shares for $1.5 million within three years in tranches, according to an exchange filing on Thursday.
In June 2020 and February 2022, the consumer intelligence platform acquired 66.67% and 28.33%, respectively, of Appnext.
Shares of Affle India rose 0.95% intra-day before paring gains to trade 0.52% lower at Rs 1,061.90 as of 10.46 am, compared to a 0.29% decline in the NSE Nifty 50.
Of the 13 analysts tracking the company, 12 maintain a 'buy' rating and one indicates a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.7%.