ICICI Prudential, Morgan Stanley Among Mutual Funds Buying Rs 5,500-Crore Stake In Bajaj Finserv

ICICI Prudential Mutual Fund, SBI Mutual Fund and Morgan Stanley Asia Singapore Pte. were among the major mutual funds that purchased the Rs 5,500-crore stake offloaded by promoters of Bajaj Finserv Ltd. on Friday.

There were many other buyers who purchased smaller amounts of stake.

Bajaj Holdings had already notified the exchanges about the block deals, having executed one of them before market hours, with the promoters offloading 2.85 crore shares. The second deal saw 1.04 crore equity shares being offloaded.

Bajaj Finserv will still be an associate of Bajaj Holdings after this block deal, according to the firm.

Shares of Bajaj Finserv closed 2.37% higher at Rs 1,990 apiece on the NSE, compared to a 30.37% rise in the benchmark Nifty. The stock has fallen 1.66% in the last 12 months and 26.91% on a year-to-date basis.

Out of 13 analysts tracking the company, seven have a 'buy' rating on the stock, four recommend 'hold' and two suggest a 'sell', according to Bloomberg data.