Bajaj Finserv has announced its plan to acquire Allianz SE’s 26% stake across its two insurance ventures for a total sum of ₹24,180 crore. The acquisition will grant Bajaj Finserv complete ownership of both insurance companies.
Bajaj Finserv will purchase Allianz’s stake in the general insurance venture for ₹13,780 crore and its stake in the life insurance venture for ₹10,400 crore. Upon the completion of the first tranche of acquisition, which includes at least 6.1 per cent of the stake, and the reclassification of Allianz from a promoter to an investor, the joint venture agreements between the Bajaj Group and Allianz SE, which have been in place for 24 years, will be terminated.
The agreed-upon consideration for the 26% stake in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) amounts to ₹13,780 crore and ₹10,400 crore, respectively.
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