Bajaj Finance on Tuesday said it plans to acquire 26 per cent stake in Pennant Technologies for Rs 267.50 crore.
Bajaj Finance, an NBFC arm of Bajaj Finserv, said the company entered into a binding term sheet with Pennant Technologies on October 16, 2023, for acquisition of up to 26 per cent stake in the latter.
The strategic investment aims to strengthen the company's technology roadmap, Bajaj Finance said in a regulatory filing. The acquisition is likely to be completed by December 30, 2023, it said.
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 a turnover of Rs 74.28 crore in FY23.