5 days ago
India's Bajaj Finserv founding firms to sell 1.6% stake for $554 million, ET NOW reports
June 5 (Reuters) - The founding firms of India's Bajaj Finserv ( opens new tab 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 ( opens new tab, 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.
The reported floor price is at a discount to Bajaj's closing price of 1,944 rupees on Thursday.
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.
($1 = 85.7990 Indian rupees)
