Tech Mahindra plans to increase its stake in Pininfarina to 92.59%

The shareholder Sammaan Capital, company Avenir Investment RSC Ltd, has increased its stake in the company to 33.32%, up from the previous 28.34%. This occurred after warrants worth approximately 906 crore rupees were converted into common shares, according to regulatory filings submitted on Friday.

The company's Securities and Investment Committee approved the allocation of 8.69 crore fully paid ordinary shares of Avenir at an issue price of 139 rupees per share on October 30. This decision was made after payment of the remaining 75 percent of the subscription amount for the warrants.

Previously, the shareholder was allocated 8.69 crore warrants dated March 31, 2026, as part of a preferential placement based on private placement. Each warrant granted the right to purchase one fully paid ordinary share with a nominal value of 2 rupees.

Following the completion of the conversion, Avenir continues to hold 21.98 crore warrants, which can be exercised in one or more tranches until or by September 30, 2027. In the event of full conversion of all remaining warrants and no other changes to the company's share capital, the shareholder's stake will increase to 43.28 percent.

This distribution increased Sammaan Capital's paid-up share capital by approximately 2,498.89 crore rupees. This capital includes 124.84 crore fully paid ordinary shares and 30.13 lakh partially paid ordinary shares.

The new shares will have equal rights to existing company shares and will be listed on the BSE and National Stock Exchange subject to applicable laws.

Shapoorji Pallonji Group, an Indian conglomerate, aims to raise between $150 and $200 million USD due to the company's growing debt obligations.

According to available information, SP Group intends to raise funds through private lending by issuing additional rupee bonds. These bonds will initially be sold by the Eqyizen Investment Pvt. division in July. Approximately half of the funds raised will be directed towards repaying debts to creditors Porteast Investment Ltd., another SP Group subsidiary. The remaining funds will be used to service other group debts. Sources added that negotiations are in the early stages, and the final size and terms may change.

The new financing will help SP Group reduce Porteast's liabilities and lessen the pressure on its debt-to-asset ratio. Representatives of SP Group did not immediately respond to requests for comment.

The conglomerate is facing increasing strain due to approaching debt repayment deadlines and the prolonged wait for asset monetization. Among these assets is a significant stake in Tata Sons Pvt, where management is debating a potential public listing. The Mistry family, which controls SP Group, is the second-largest shareholder in Tata Sons with a stake of about 18.4%.

SP Group's latest fundraising plan emerged after the company borrowed approximately ₹4,450 crore ($467 million) in September through Eqyizen and dollar bonds issued by another subsidiary, Mercury Finance Co. These funds were used for amortization payments due to Porteast.

Sources reported that the group plans to complete the new financing by mid-November.

Major IT services provider Tech Mahindra has announced the acquisition of a cash management product suite from Finastra. This package includes Fusion Cash Management (FCM), Fusion Virtual Accounts (FVA), and Fusion Liquidity Management (FLM).

The financial details of the deal were not disclosed. This acquisition allows for the integration of the product suite into Tech Mahindra's portfolio of solutions for Banking, Financial Services, and Insurance (BFSI). The goal of the acquisition is to ensure service continuity for existing clients through constant platform access, provision of support services, and the transfer of experienced product development and client-facing specialists to Tech Mahindra.

Anil Venuturupalli, Vice President of Banking Group and Director of Financial Services Products at Tech Mahindra, noted that the purchase of Finastra's cash management product suite strengthens the company's banking product portfolio and expands its capabilities in supporting financial institutions regarding liquidity and cash flow management.

He added that this acquisition lays a solid foundation for future innovations, as the company is focused on developing these capabilities to help banks meet the growing demand for intelligent, connected, and efficient cash management solutions.

The deal combines intellectual property rights of the product, an existing customer base, expert personnel in products and client relations, Finastra's Center of Excellence within Tech Mahindra, and the trust built on the existing partnership between Tech Mahindra and Finastra. These elements collectively support customer service continuity and create a stronger foundation for future growth based on transactional banking products.

Ruchir Purwar, Head of Partnerships and Cross-Sales at Finastra, stated that this is a good step for these products and, most importantly, for the customers who rely on them. He emphasized that Tech Mahindra possesses deep expertise in banking and technology, has a thorough understanding of Finastra's business, and the company is confident that Tech Mahindra is ready to advance these solutions and continue supporting clients as their needs evolve.