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| Bajaj Finserv hikes stake in Bajaj Auto to 54.79% |
| Press Trust of India / Mumbai Sep 08, 2010, 13:13 IST |
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Bajaj Finserv, the financial services arm of the Bajaj Group, has picked up a further 4.37 per cent stake in its group firm Bajaj Auto Finance for Rs 111.33 crore through open market transactions.
As per the bulk deal data available with the National Stock Exchange, Bajaj Finserv yesterday bought 16,01,900 shares, representing 4.37 per cent stake, of Bajaj Auto Finance at a price of Rs 695 per piece.
After the latest deal, Bajaj Finserv now holds 54.79 per cent stake in Bajaj Auto Finance. Bajaj Finserv is engaged in life and general insurance and consumer finance businesses.
Bajaj Auto Finance has recently got shareholders approval for change in name of the company from Bajaj Auto Finance Ltd to Bajaj Finance Ltd.
Bajaj Auto Finance, a non-banking finance company, offers various consumer finance products to the customers such as auto loans, personal loans, loans for consumer durables and computers and SME finance.
Shares of Bajaj Auto Finance were quoting at Rs 741.40, up 0.30 per cent, on the NSE at noon, while Bajaj Finserv was trading at Rs 515, higher by 0.63 per cent.
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