Bajaj Finserv shares gain 8% on buy-out plans of insurance units
BT Online June 27, 2016
Shares of Bajaj Finserv gained over 8 per cent, following the news report that the company is likely to buy out its German partner Allianz SE's stakes in two insurance units for as much as Rs 10,000 crore.
Reacting to the news buzz, the stock hit an intraday high of Rs 2245.30, up 8.17 per cent on the BSE.
Bajaj Finserv is the financial services arm of the Bajaj Holdings and owns 74 per cent in both the ventures: Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance. Allianz SE holds 26 per cent in both the units.
"If the deal goes through, it will be one of the biggest buyouts ever in India's insurance sector," reported newspaper Mint.
Stock Exchange BSE has sought clarification from Bajaj Finserv with reference to the same news.
The reply is awaited.