BAJAJFINSV

- Successful completion of the acquisition

Bajaj Finserv

Bajaj Finserv announced the successful completion of the acquisition, together with Bajaj Holdings & Investment and Jamnalal Sons, of a 23% stake in its insurance subsidiaries—Bajaj General Insurance and Bajaj Life Insurance—from Allianz SE for Rs 12,190 crore and Rs 9,200 crore, respectively. The acquisition increased the Bajaj Group’s ownership in both insurance companies to 97% from 74%, giving Bajaj Finserv complete control of the insurance companies with a 75.01% stake. The transfer of Allianz’s remaining 3% stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies. If the buyback is completed, Bajaj Finserv’s stake is expected to rise to approximately 77.3%, with Bajaj Holdings & Investment holding approximately 18.1%, while the balance will be held by Jamnalal Sons. All this is for information. This is not a buy/sell recommendation. Thank you, Technofunda24