Promoter group entities of Bajaj Finserv are planning to dilute part stake of 1.58 percent via the block deal route and raise around Rs 4,750 crore, multiple industry sources in the know told Moneycontrol.
The promoter group currently holds 60.64 per cent stake in Bajaj Finserv.
"The block deal for the sale of the part stake of the promoters has been launched. There is also an upsize option of around Rs 1,080 crore, which if exercised will take the combined block deal size to around Rs 5,830 crore," one of the persons above told Moneycontrol.
The floor price is Rs 1,880 per share, a 3.3 percent discount to the price at the end of day's trade on June 5, according to a term sheet reviewed by Moneycontrol. Kotak Mahindra Capital is working on the proposed trade, sources added.
The share price of Bajaj Finserv has risen by 18.3 per cent in the last six months and 28.15 per cent over a one-year time-frame.
Email queries have been sent and Moneycontrol could not elicit an immediate response from Bajaj Finserv and Kotak Mahindra Capital. This article will be updated as soon as we hear from the parties.
On March 17, Bajaj Finserv said it had approved the acquisition of Allianz SE’s entire 26 percent stake in their joint insurance ventures—Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC). The agreed consideration for a 26 percent stake in BAGIC and BALIC is Rs 13,780 crore and Rs 10,400 crore respectively, the announcement added.
This story will be updated
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