Bajaj Finserv's promoters divest 1.79% stake, raise Rs 5,505 crore

Jamnalal Sons and Bajaj Holdings sold 28.6 million shares of Bajaj Finserv at ₹1,925.2 apiece, with mutual funds and foreign investors among buyers, market watchers suggest proceeds fund Allianz stake

Bajaj Finserv promoter entities Jamnalal Sons and Bajaj Holdings and Investment on Friday divested 1.79 per cent stake in the company.

 

As per data released by exchanges, the two entities sold 28.6 million shares at ₹1,925.2 apiece to raise ₹5,505 crore. Shares of Bajaj Finserv rose 2.4 per cent to close at ₹1,989. 

 

Among the buyers were a clutch of mutual funds and foreign investors. ICICI Prudential Mutual Fund and SBI Mutual Fund picked up shares worth ₹1,500 crore each.

 

Ahead of the share sale, promoter entities held a 60.64 per cent stake in Bajaj Finserv. Market watchers said the block deal proceeds could be used to fund the purchase of Allianz SE’s stake in the two insurance joint ventures—Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.