Bajaj Finserv to Acquire Full Ownership of Insurance Subsidiaries

Bajaj Finserv is acquiring a 26% stake from Allianz SE in its insurance subsidiaries, Bajaj Allianz General and Life Insurance Companies, for Rs 24,180 crore. The acquisition, subject to regulatory approval, will increase Bajaj’s ownership to 100%. Bajaj shares fell over 1% post-announcement.

On Tuesday, Bajaj Finserv Ltd shares dipped over 1% as the financial services company announced its plans to acquire Allianz SE's 26% stake in its insurance subsidiaries. This strategic acquisition involves Bajaj Allianz General and Life Insurance Companies.

The shares of Bajaj Finserv ended 1.43% lower at Rs 1,845 on the BSE, despite intra-day fluctuations reaching Rs 1,834. On the NSE, the shares mirrored this decline, closing at Rs 1,844.65, marking it as the biggest loser among the Sensex and Nifty companies.

Upon completion, Bajaj Finserv's stake in its insurance ventures will rise to 100%, marking the end of a 24-year partnership with Allianz. The deal awaits regulatory approvals from relevant bodies, with a total consideration of Rs 24,180 crore agreed for the stake acquisition.

(With inputs from agencies.)