Bajaj Finserv’s share price fell 1.8% to an intra-day low of Rs 1,837. The stock was the major loser in the Nifty 50. The fall in share price came after Bajaj Group signed a share purchase agreement with Allianz SE to buy out its stakes in the joint ventures.
The company will acquire a 26% stake each in the two insurance joint ventures—Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC)—for a total of Rs 24,180 crore.
Bajaj Group’s stake in the two insurance entities will go up to 100% from 74% after the acquisition. Bajaj Group will acquire the 26% stake in BALIC for Rs 10,400 crore and in BAGIC for Rs 13,780 crore.
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Post the acquisition, Bajaj Finserv would be holding 75.01 % of the total equity share capital in each of BAGIC and BALIC.
“Allianz SE has now expressed their intent to exit the insurance joint ventures and has offered to sell their entire holdings aggregating to 26% equity stake in each of the insurance joint ventures to the Bajaj group,” said the company in an exchange filing.
Bajaj Finserv’s Q3 result
The company’s net profit rose 3% YoY to Rs 2,231 crore in Q3 FY25, as against a net profit of Rs 2,157.67 crore in the same quarter last year. Its total revenue from operations came at Rs 32,041.81 crore, an increase of 10.34% YoY compared to Rs 29,038.43 crore in the corresponding period last year.
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The share price of Bajaj Finserv has risen 1% in the last five trading days. The stock has fallen 3% in the previous one month and 2.7% in the previous six months. Bajaj Finserv’s share price has given a return of 17% in the past one year.
To compare, the benchmark index, Nifty 50 has risen 1.3% in the past five trading days. The index has fallen 0.9% in the last one month and more than 10% in the previous six months. The index has increased by 3% in the past one year.
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