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BSE   16 Jul 18 | 12:00 AM

6248.00 -91.85 (-1.45%)
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Code: 532978
Face Value: N.A.

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Code: BAJAJFINSV
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Bajaj Finserv surges on talk of buyout of Allianz's stake in insurance arms

SI Reporter / Mumbai 27 Jun 16 | 12:55 PM

Bajaj Finserv has rallied 8% to Rs 2,245, also its 52-week high on the BSE in intra-day trade, on reports that the company is likely to buy out its German partner Allianz SE’s stakes in two insurance units—Bajaj Allianz Life Insurance Co. Ltd and Bajaj Allianz General Insurance.

Bajaj Finserv, the financial services arm of Bajaj Holdings and Investments, owns 74% and Allianz SE holds 26% in both the ventures.

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The BSE has sought clarification from Bajaj Finserv with reference to the news appeared in newspaper Mint "Bajaj Finserv is likely to buy out Allianz's stakes in Bajaj Allianz Life."

The reply is awaited.

At 12:49 PM, the stock was up 5.7% at Rs 2,195 on the BSE, as compared to 0.31% rise in the S&P BSE Sensex. A combined 326,424 shares changed hands on the counter on the BSE and NSE.

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