Bajaj Finserv hikes its holding in Bajaj Auto

Bajaj Finserv hikes its holding in Bajaj Auto  The finance arm of the second largest two wheeler manufacturer in the Indian market, Bajaj Finserv has recently said that it has picked up an additional 4.37 per cent stake in Bajaj Auto Finance.

While the value of the deal is pegged at Rs. 111.33 crore, it is to be mentioned here that the company bought close to 16,01,900 shares which come out to be close to 4.37% at a price of Rs. 695 per share.

It may be noted here that according to the new holding pattern, Bajaj Finserv now holds close to 54.79% stake in Bajaj Auto Finance. For the record, Bajaj Finserv as a company deals in life and general insurance apart from the consumer insurance business.

Moreover, the company has also got the approval from its shareholders to change the name of the company to Bajaj Finance Ltd. On the other end, Bajaj Auto Finance, which was initially made to support the financing needs of the Bajaj Auto's consumers today deals in auto loans, personal loans, SME finance apart from giving loans for consumer durables and computers.