Bajaj Finance to acquire 26% stake in Pennant Technologies for Rs.267.50 crore

Chennai (IANS) Bajaj Finance Ltd on Tuesday said it will acquire 26 per cent stake in Pennant Technologies Pvt Ltd for about Rs 267.50 crore to be paid in cash.

The company also said it closed the second quarter of FY24 with a net profit of Rs 3,105.75 crore.

In a regulatory filing, Bajaj Finance said it will acquire 26 per cent stake in the Rs.74.28 crore turnover Pennant Technologies, a technology product company, to strengthen its technology roadmap.

According to Bajaj Finance, the all cash deal will be completed on or before December 30, subject to satisfaction of the conditions to be set out in the definitive agreements to be entered.

Meanwhile, Bajaj Finance said for the quarter ended September 30, 2023, it has earned an operation revenue of Rs 11,407.86 crore (Q2FY23 Rs 8,602.62 crore) and a net profit of Rs 3,105.75 crore (Rs.2,472.24 crore).

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