HCL Technologies Limited has completed its investment in Axonwise Private Limited (Sarvam AI) for acquisition of a 10.46% stake in the artificial intelligence company. HCLTECH invested Rs 1,427.25 crore by subscribing to 41,421 Series B2 Compulsory Convertible Preference Shares (Series B2 CCPS) of Sarvam AI on June 25, 2026.
The Series B2 CCPS were allotted to HCL Technologies on June 25, 2026 at 6 p.m. IST. These shares are compulsory convertible preference shares that will be converted into equity shares of Sarvam AI at a later date. The conversion terms are specified in the share subscription agreement.
HCLTECH had initially disclosed its intent to invest in Sarvam AI through a regulatory filing to both BSE and NSE on June 15, 2026. The disclosure noted that the investment was for acquisition of a 10.46% stake in Sarvam AI. The earlier intimation had outlined the proposed investment structure and the amount of Rs 1,427.25 crore.
The stake acquisition is now complete following the allotment of the preference shares to HCL Technologies. The filing did not specify a timeline for conversion of the Series B2 CCPS. The conversion terms are governed by the share subscription agreement.
Sarvam AI is an artificial intelligence company incorporated in India and focused on AI solutions for enterprises. HCL Technologies now holds a 10.46% stake in the AI firm through this investment. The total consideration paid by HCLTECH for the stake was Rs 1,427.25 crore.
HCL Technologies informed both BSE and NSE about the completion of this transaction through a regulatory filing on June 25, 2026. HCLTECH had previously intimated the exchanges about the proposed investment on June 15, 2026. The transaction is now fully concluded.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.