Bajaj Finance on Tuesday announced that it plans to acquire 26 per cent stake in Pennant Technologies Private Limited for a total of Rs 267.50 crore. “We wish to inform you that the Company has entered into a binding term sheet with Pennant Technologies Private Limited on 16 October 2023 for acquisition of up to 26 per cent equity stake in Pennant,” the company said in a regulatory filing.
Bajaj Finance said that the objective of the strategic investment is to strengthen the company’s technology roadmap. The acquisition, it added, is likely to be completed by December 30, 2023.
As part of the deal, 4,22,738 equity shares from promoters and existing shareholders of Pennant will be offered to Bajaj Finance. Besides, 5,71,268 Compulsorily Convertible Preference Shares (Series A CCPS) of face value of Rs 100 each will go to Bajaj Finance.
Pennant is engaged in providing business-driven technology services and software products for the banking and financial services industry. The company had posted a turnover of Rs 74.28 crore in FY 2022-23.