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Bajaj Finserv Ltd.

BSE: 532978 Sector: Financials
NSE: BAJAJFINSV ISIN Code: INE918I01018
BSE 00:00 | 16 Nov 5684.40 87.00
(1.55%)
OPEN

5600.00

HIGH

5730.00

LOW

5600.00

NSE 00:00 | 16 Nov 5695.65 98.55
(1.76%)
OPEN

5640.00

HIGH

5730.00

LOW

5612.70

OPEN 5600.00
PREVIOUS CLOSE 5597.40
VOLUME 9504
52-Week high 7200.00
52-Week low 4444.00
P/E 283.37
Mkt Cap.(Rs cr) 90,462
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5600.00
CLOSE 5597.40
VOLUME 9504
52-Week high 7200.00
52-Week low 4444.00
P/E 283.37
Mkt Cap.(Rs cr) 90,462
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bajaj Finserv Ltd. (BAJAJFINSV) - Company History

Bajaj Finserv Limited (BFS) is the holding company for the various financial services businesses under the Bajaj group. BFS holds 55.13% stake in Bajaj Finance Limited (BFL) and 74% stake each in Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). Apart from financial services BFS is also active in wind energy generation. Bajaj Finance Ltd (formerly known as Bajaj Auto Finance Ltd) is a Non-Banking Finance Company engaged in consumer finance SME finance commercial lending and wealth management. BAGIC is a general insurance joint venture between BFS and Allianz SE Germany. The Allianz Group is one of the world's leading insurers and asset managers with more than 88 million retail and corporate customers. BFS holds 74% stake and Allianz SE holds 26% stake in BAGIC. BALIC is life insurance joint venture between BFS and Allianz SE. BFS holds 74% stake and Allianz SE holds 26% stake in BALIC. Bajaj Finserv was formed in April 2007 as a result of its demerger from Bajaj Auto Limited as a separate entity to focus purely on the financial services business of the group. The process of demerger was completed in February 2008. The wind power project the stakes in the life and general insurance companies and consumer finance along with their respective assets and liabilities got vested in Bajaj Finserv Limited. In addition to that cash and cash equivalent of Rs 800 crore (then market value) was also transferred to the company. The demerger has enabled investors to hold separate focused stocks and also facilitated transparent benchmarking of the companies to their peers in their respective industries.On 20 April 2009 Bajaj Finserv and Allianz Global Investors AG (AllianzGI) the asset management subsidiary of Allianz SE signed an agreement to set up as asset management joint venture company in India. AllianzGI and Bajaj Finserv will hold a 51% and 49% state respectively in the equally managed proposed venture. On 10 November 2009 Bajaj Finserv announced that the Reserve Bank of India has issued to the company a Certificate of Registration dated 30 October 2009 under section 45-IA of the RBI Act 1934 to carry on the business of a Non-Banking Financial Institution (NBFC) (non-deposit taking).On 5 May 2010 Bajaj Finserv announced that Bajaj Auto Finance (BAFL) has launched its Construction Equipment (CE) financing and Retail Loan against Securities (LAS) business in the month of April 2010. 04 March 2011 Bajaj Finserv said in a clarification to the stock exchanges that the company does not have any plan at present or in the foreseeable future to sell its equity to Berkshire Hathaway group of companies. Berkshire Hathaway will enter Indian insurance business as a corporate agent for Bajaj Allianz General Insurance Company Ltd (BAGIC) a 74% subsidiary of Bajaj Finserv Ltd. The tie up will help BAGIC expand its customer base. BAGIC has about 40 corporate agents. On 17 October 2012 Bajaj Finserv successfully allotted 1.44 crore equity shares to existing eligible shareholders on a rights basis in the ratio of 1 equity share for every 10 equity shares held on the record date. The rights issue was priced at Rs 650 per share. The company raised Rs 939 crore from the issue. The rights shares were listed on BSE and NSE on 22 October 2012. On 27 June 2013 Bajaj Finserv announced that it has submitted its application to Reserve Bank of India on 26 June 2013 for a licence to commence banking business in terms of section 22 of the Banking Companies Act 1949. It is proposed to do this by converting its subsidiary Bajaj Finance Ltd into a bank in terms of RBI Guidelines for Licensing of New Banks in the Private Sector dated 22 February 2013.On 1 November 2014 Bajaj Finserv transferred by way of sale of 100% shares of Bajaj Financial Solutions Ltd. (together with its wholly-owned subsidiary Bajaj Financial Securities Ltd.) for a consideration of Rs 17 crore on an arm's length basis to its subsidiary company Bajaj Finance Ltd to facilitate Bajaj Finance Ltd promote the business of housing finance. The transaction was approved by the company's Board of Directors at its meeting held on 14 October 2014. On 3 November 2015 Bajaj Finserv announced that the Reserve Bank of India has accorded its approval for conversion of the company into a Core Investment Company not requiring registration with RBI and has accordingly cancelled the Certificate of Registration as NBFC earlier issued to the company.On 23 November 2016 Bajaj Finserv exercised its right to convert 92.5 lakh warrants of Bajaj Finance Limited into equity shares upon payment of balance 75% amount aggregating to Rs 306.08 crore. Consequently the company's shareholding in Bajaj Finance increased from 57.28% to 58%.