Bajaj Finserv Block Deal: Promoters Eye Rs 5,800-Crore Stake Sale

Bajaj Finserv Ltd.'s promoter entities are planning to sell shares worth Rs 5,800 crore via open market transactions on Friday.

Bajaj Holdings and Investments Ltd. and Jamnalal Sons Pvt. are offering as many as 3.1 crore shares or up to 1.94% stake via block deals. The floor price has been set at Rs 1,880 per share, which is at a 3.3% discount to the stock's last close, according to the term sheet reported by Bloomberg News.

The base offer is for 2.53 crore shares with an option to upsize by 57 lakh shares.

Bajaj Holdings owns about 39% equity of Bajaj Finserv as of March, while Jamnalal Sons has a 9.7% stake, according to BSE data.

Shares of Bajaj Finserv ended 0.6% lower at Rs 1,943.5 apiece on the BSE, compared to a 0.55% advance in the benchmark Sensex. The stock has risen 28% in the last 12 months and 23% so far this year.