Mumbai: Axis Bank on Friday said its board has approved the merger of Accelyst Solutions Pvt Ltd with Freecharge Payment Technologies. Both these entities are its subsidiaries.

Accelyst is a web and mobile-based platform providing online recharge and bill payment services. It also offers a marketing platform for third parties for the distribution of mutual funds and insurance products through the mobile application or the website. Freecharge offers payment and technology solutions.

In July 2017, the private sector lender had entered into an agreement with Jasper Infotech Pvt Ltd to acquire 100 per cent of Accelyst and Freecharge for Rs 385 crore.

Meanwhile, Axis Bank shares surged around 9 per cent despite the bank reporting a Rs 2,189-crore loss in the fourth quarter ended March 31, 2018. The gains added Rs 11,412.44 crore to its market valuation.