Bajaj Finserv likely to buy out Allianz's stake in joint venture insurance

| Monday, June 27, 2016 - 14:52
First Published |
Bajaj Finserv, Allianz SE, Bajaj Holdings and Investments, Bajaj Allianz Life Insurance Co Ltd, Bajaj Allianz General Insurance, stock exchange, bse

Bajaj Finserv likely to buy out Allianz’s stake

New Delhi: Bajaj Finserv Ltd, an arm of Bajaj Holdings and Investments, may buy out its German partner Allianz SE’s stakes in two insurance units, namely Bajaj Allianz Life Insurance Co Ltd and Bajaj Allianz General Insurance at Rs 10,000 crore.

Reports said the company is buying out the 26% stake held by Allianz SE valuing both of its insurance ventures around Rs 45,000 crore.

Bajaj Finserv owns 74% stake in both insurance companies while 26% is owned by Allianz SE.

If the deal goes through, it will be the biggest buyout in India's insurance sector. The BSE has sought clarification from Bajaj Finserv regarding to the same report.

 On Monday, the insurance company gained 8% share in the stock exchange.

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