This NBFC stock is a large cap company with a market cap of Rs. 4,89,400 crore and is also included in the S&P BSE SENSEX Benchmark Index. Additionally, this company is part of the Bajaj Group, trading at Rs. 8077.00, versus Rs. 8032.75 at previous closing.
The stock is trading 1% away from its 52 week high and the company’s shareholding comprises 56% promoter holding, 17% FII holding, 16% DII holding and the rest being held by the public.
Bajaj Finance Ltd (“Bajaj Finance”) has a target from Axis Direct for Rs. 8590, representing a 6.3% upside from current price. The company’s stock is also a 3 year multibagger, returning 150% in the last 3 year period.
In a filing dated 17th October 2023, Bajaj Finance stated that the Company has entered into a binding term sheet with Pennant Technologies Private Limited for acquisition of up to 26% equity stake in Pennant. The object of the strategic investment is to strengthen the Company’s technology roadmap.
Pennant is an Indian technology product company which was founded in 2005 and is engaged in providing business-driven technology services and software products for the banking and financial services industry. with a turnover of Rs. 74 crore in FY23, Rs. 52 crore in FY22 and Rs. 40 crore in FY21.
The cost of acquisition is approx. Rs. 267.5 crore and will be completed through acquisition of 5,71,268 Compulsorily Convertible Preference Shares (Series A CCPS) of face value of Rs. 100 each and 4,22,738 equity shares from promoters and existing shareholders of Pennant
In FY23, the company’s revenue grew 31% YoY from Rs. 31632 crore to Rs. 41397 crore. Net profits during the same period grew 64% YoY from Rs. 7028 crore to Rs. 11507 crore.
Written by Sandeep R
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