Bajaj Finserv (BFS) has signed Share Purchase Agreements (SPAs) for the acquisition of 26% interest owned by Allianz SE in its insurance businesses, viz. Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). The execution of the SPAs mark the culmination of constructive and amicable discussions to ensure a seamless transfer of the stake of Allianz.
The acquisition of Allianz SE’s stake will increase Bajaj Group’s ownership in BAGIC & BALIC to 100% from the current 74%. The acquisition is subject to regulatory approvals, including approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India.
The 24-year-old joint venture agreements between the Bajaj Group and Allianz SE in respect of insurance businesses will stand terminated upon the completion of the first tranche of acquisition of at least 6.1% and reclassification of Allianz from being a Promoter to Investor.
The agreed consideration for 26% stake in BAGIC and BALIC is Rs 13,780 crore and Rs 10,400 crore respectively. Under the terms of the SPA, it is proposed that Bajaj Finserv will acquire around 1.01%, Bajaj Holdings and Investment around 19.95% and Jamnalal Sons around 5.04%, aggregating to 26% in each of the insurance companies. Post acquisition, BFS stake will be 75.01% in both the companies. Once the joint ventures are terminated under the terms of the SPA, the Bajaj Group and Allianz aim to independently pursue their insurance strategies in India.
The acquisition marks a significant milestone in the Bajaj Group’s journey to advance next-gen insurance solutions, driven by new technologies, to serve Indian consumers in multiple geographies. It also brings the two insurance ventures entirely into the fold of the Bajaj Group, one of India’s most respected brands.
Bajaj Finserv has established itself as a financial power house with interests in insurance, lending, asset management and wealth management.
| Company Name | CMP |
|---|---|
| Bajaj Finserv | 1894.80 |
| Paul Merchants | 786.15 |
| JM Financial | 98.21 |
| IIFL Finance | 336.80 |
| Altius Telecom Infra | 146.00 |
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