ICICI Prudential, Morgan Stanley Among Mutual Funds Buying Rs 5,500-Crore Stake In Bajaj Finserv
Bajaj Finserv will still be an associate of Bajaj Holdings after this block deal.
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.
A total deal value of 1.78% was offloaded by numerous mutual funds and insurance companies in a large block deal. The promoters were Bajaj Holdings and Investment (0.65% sold) and Jamnalal Sons Pvt (1.13% sold), according to the NSE bulk deal data.
Some of the major buyers are as follows:
ICICI Prudential Mutual Fund purchased Rs 1,500 crore worth of shares from the promoters making up 0.48% of the stake.
SBI Mutual Fund also bought Rs 1,500 crore worth of shares from the promoters making up 0.48% of the stake.
Morgan Stanley Asia Singapore Pte mopped up Rs 445 crore worth of shares making up 0.13% of the stake.
Bofa Securities Europe Sa - Odi acquired Rs 252 crore worth of shares making up 0.08% of the stake.
Aditya Birla Sun Life Mutual Fund obtained Rs 250 crore worth of shares making up 0.08% of the stake.
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.
