Bajaj Finance to buy 26% in tech company Pennant

Bajaj Finance has entered into a binding agreement to acquire 26% stake in technology services and software products company Pennant Technologies Pvt Ltd, the company said in a notice to the stock exchanges.

Bajaj will pay Rs 267.50 crore for the stake valuing the company at more than Rs 1000 crore.

"The object of the strategic investment is to strengthen company’s technology roadmap," Bajaj Finance said in the notice.


The company has set December 30 as the deadline to complete the acquisition.

Incorporated in November 2005, Pennant provides business-driven technology services and software products for the banking and financial services industry.

Its total revenue increased to Rs 74.28 crore in fiscal 2023 from Rs 52.07 crore in fiscal 2022 and Rs. 40.48 crore in fiscal 2021.