The Board of Directors of Bajaj Finserv Limited ('the Company') at its meeting held today has approved to invest Rs. 342 Crore (Rupees Three Hundred and Forty Two Crore only) in Bajaj Finserv Direct Limited, wholly owned subsidiary of the Company.
Bajaj Finserv Limited (BFS), which is also the holding company of Bajaj Finance Limited (BFL), which is a co-investor. The total investment envisaged by BFS is up to Rs. 342 crore. The investment by BFL would be up to Rs. 284 crore. The investments would be in the form Equity shares and/or Convertible Loan or Security into Equity Shares.
Post the total investment the Company would continue 80.10% of shareholding of BFSD (on a fully diluted basis). The remaining 19.90% would be held by BFL.
BFSD is primarily engaged in business of distribution of financial products through digital marketplace. BFSD is registered with Insurance Regulatory and Development Authority of India as a composite Corporate Agent for distribution of insurance (life and general) products in India.
Shares of BAJAJ FINSERV LTD. was last trading in BSE at Rs.12740 as compared to the previous close of Rs. 12712.3. The total number of shares traded during the day was 9182 in over 1879 trades.
The stock hit an intraday high of Rs. 12741.7 and intraday low of 12532.8. The net turnover during the day was Rs. 116032115.