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Bajaj Finserv promoters sell 1.94% stake in ₹5,828 crore block deal
Promoter entities Jamnalal Sons and Bajaj Holdings will sell 31 million shares at a 3.3% discount, with Kotak Securities managing the share sale
BS Reporter Mumbai
Promoter entities of Bajaj Finserv, Jamnalal Sons and Bajaj Holdings and Investment, will divest a 1.94 per cent stake in the company via block deals on Friday. As per the term sheet, the two entities are offering a cumulative 31 million shares at a base price of Rs 1,880 apiece, a 3.3 per cent discount to Thursday's close of Rs 1,944. The promoter entities will raise approximately Rs 5,828 crore ($679 million) from the share sale. Kotak Securities is the investment bank handling the transaction.
Promoter entities hold 60.64 per cent in Bajaj Finserv. In March this year, Bajaj Finserv announced it would buy out Allianz SE's stake in the two insurance joint ventures — Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) — for Rs 24,180 crore. Bajaj Finserv will acquire approximately 1.01 per cent, Bajaj Holdings and Investment approximately 19.95 per cent, and Jamnalal Sons approximately 5.04 per cent, aggregating to 26 per cent in each of the insurance companies.
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