Bajaj Finance Limited to invest Rs. 284 crore in Bajaj Finserv Direct Limited

The Board of Directors of Bajaj Finance Limited ('the Company') at their meeting held on 20 July 2021 has approved an investment upto Rs. 284 crore (Rupees Two Hundred and Eighty Four Crore only) in Bajaj Finserv Direct Limited.

The total investment envisaged by BFL is upto Rs. 284 crore. The investment by Bajaj Finserv Limited (BFS) would be upto Rs. 342 crore. The investments would be in the form Equity shares and/or Convertible Loan or Security into Equity Shares.

The maximum percentage of shareholding proposed to be acquired by BFL in BFSD would be upto 19.90% of BFSD shareholding on a fully diluted basis. The remaining shareholding would be with BFS.

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 Finance Limited was last trading in BSE at Rs.5937.9 as compared to the previous close of Rs. 6012.75. The total number of shares traded during the day was 50657 in over 7227 trades.

The stock hit an intraday high of Rs. 6028.8 and intraday low of 5868.45. The net turnover during the day was Rs. 302018233.

Source : Equity Bulls

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