(Reuters): Bajaj Finance Ltd said it would buy nearly an 11 per cent stake in mobile payments wallet company One MobiKwik Systems Private Ltd for about Rs 225 crore ($35.36 million).

Bajaj Finance will enter into a subscription agreement with MobiKwik to buy 10 equity shares and 271,050 compulsory convertible preference shares (CCPS), Bajaj Finance said.

Post conversion of the CCPS, the company would hold about 10.83 per cent of equity in MobiKwik on a fully diluted basis, the company said in a statement.

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