Bajaj Finserv founding firms to sell 1.6% stake for Rs 4,750 crore : Report
The founding firms of India's
Bajaj Finserv
will sell at least a 1.58% stake they own in the financial services company in a deal worth 47.5 billion rupees ($554 million), news channel ET NOW reported on Thursday, citing sources.
The firms, which include Jamnalal Sons and
Bajaj Holdings and Investment
, will sell the 25.3 million
shares
they own in the
secondary market
at a floor price of 1,880 rupees per share, the report said.
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The reported floor price is at a discount to Bajaj's closing price of 1,944 rupees on Thursday.
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Bajaj Finserv's founding firms have an
option
to sell another 5.7 million shares, or a 0.36% stake they own in Bajaj Finserv, according to the report.
Bajaj Finserv
did not immediately respond to a request for comment.
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($1 = 85.7990 Indian rupees)
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