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As On 17-Sep-2021 EOD, Market Closed
-125.27 (-0.21%)
-44.35 (-0.25%)
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Bajaj Finserv Limited (BFS) is the holding company for the various financial services businesses under the Bajaj Group. It serves millions of customers in the financial services space by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection and income protection in the form of life and health insurance and retirement and savings solutions. BFS holds 55.13% stake in Bajaj Finance Limited (BFL) and 74% stake each in Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). Apart from financial services, BFS is also active in wind energy generation and has investments in renewable energy in the form of 138 windmills, situated in Maharashtra, with an aggregate installed capacity of 65.2 MW.

Bajaj Finance Ltd (formerly known as Bajaj Auto Finance Ltd) is a Non-Banking Finance Company engaged in consumer finance, SME finance, commercial lending and wealth management. BAGIC is a general insurance joint venture between BFS and Allianz SE, Germany. The Allianz Group is one of the world's leading insurers and asset managers with more than 88 million retail and corporate customers. BFS holds 74% stake and Allianz SE holds 26% stake in BAGIC. BALIC is life insurance joint venture between BFS and Allianz SE. BFS holds 74% stake and Allianz SE holds 26% stake in BALIC.

Bajaj Finserv was formed in April 30, 2007 as a result of its demerger from Bajaj Auto Limited as a separate entity to focus purely on the financial services business of the group. The process of demerger was completed in February 2008. The wind power project, the stakes in the life and general insurance companies and consumer finance along with their respective assets and liabilities got vested in Bajaj Finserv Limited. In addition to that, cash and cash equivalent of Rs 800 crore (then market value) was also transferred to the company. The demerger has enabled investors to hold separate focused stocks and also facilitated transparent benchmarking of the companies to their peers in their respective industries.

On 20 April 2009, Bajaj Finserv and Allianz Global Investors AG (AllianzGI), the asset management subsidiary of Allianz SE, signed an agreement to set up as asset management Joint Venture Company in India. AllianzGI and Bajaj Finserv will hold a 51% and 49% state, respectively, in the equally managed proposed venture.

On 10 November 2009, Bajaj Finserv announced that the Reserve Bank of India has issued to the company a Certificate of Registration dated 30 October 2009 under section 45-IA of the RBI Act, 1934 to carry on the business of a Non-Banking Financial Institution (NBFC) (non-deposit taking).

On 5 May 2010, Bajaj Finserv announced that Bajaj Auto Finance (BAFL) has launched its Construction Equipment (CE) financing and Retail Loan against Securities (LAS) business in the month of April 2010.

04 March 2011, Bajaj Finserv said in a clarification to the stock exchanges that the company does not have any plan, at present or in the foreseeable future, to sell its equity to Berkshire Hathaway group of companies. Berkshire Hathaway will enter Indian insurance business as a corporate agent for Bajaj Allianz General Insurance Company Ltd (BAGIC), a 74% subsidiary of Bajaj Finserv Ltd. The tie up will help BAGIC expand its customer base. BAGIC has about 40 corporate agents.

On 17 October 2012, Bajaj Finserv successfully allotted 1.44 crore equity shares to existing eligible shareholders on a rights basis in the ratio of 1 equity share for every 10 equity shares held on the record date. The rights issue was priced at Rs 650 per share. The company raised Rs 939 crore from the issue. The rights shares were listed on BSE and NSE on 22 October 2012.

On 27 June 2013, Bajaj Finserv announced that it has submitted its application to Reserve Bank of India on 26 June 2013 for a licence to commence banking business in terms of section 22 of the Banking Companies Act, 1949. It is proposed to do this by converting its subsidiary Bajaj Finance Ltd into a bank in terms of RBI Guidelines for Licensing of New Banks in the Private Sector dated 22 February 2013.

On 1 November 2014, Bajaj Finserv transferred by way of sale of 100% shares of Bajaj Financial Solutions Ltd. (together with its wholly-owned subsidiary, Bajaj Financial Securities Ltd.), for a consideration of Rs 17 crore, on an arm's length basis, to its subsidiary company, Bajaj Finance Ltd, to facilitate Bajaj Finance Ltd promote the business of housing finance. The transaction was approved by the Company's Board of Directors at its meeting held on 14 October 2014.

On 3 November 2015, Bajaj Finserv announced that the Reserve Bank of India has accorded its approval for conversion of the company into a Core Investment Company, not requiring registration with RBI and has accordingly cancelled the Certificate of Registration as NBFC earlier issued to the company.

On 23 November 2016, Bajaj Finserv exercised its right to convert 92.5 lakh warrants of Bajaj Finance Limited into equity shares upon payment of balance 75% amount aggregating to Rs 306.08 crore. Consequently, the company's shareholding in Bajaj Finance increased from 57.28% to 58%. The paid-up equity share capital as on 31 March 2017 was Rs 79.57 crore.

During the Rights Issue of equity shares made by the Company in 2012, certain shares had been kept in abeyance as required by law. With resolution of a few cases during the year 2017, the Company has allotted 327 equity shares of the face value of Rs 5 each at the original Rights Issue price of Rs 650 per share to the eligible shareholders.

During the year, BFL divided its equity shares of face value of Rs 10 each to Rs 2 each and also issued one fully paid bonus equity share of the face value of Rs 2 against one equity share of the face value of Rs 2.

As on 31 March 2017, Bajaj Finserv held 74% of the equity capital in its joint ventures, BAGIC and BALIC, the balance being held by Allianz.

The paid-up equity share capital as on 31 March 2018 was Rs.79.57 crore consisting of 159,135,097 fully paid-up equity shares of face value of Rs.5 each. During the Rights Issue of equity shares made by the Company in 2012, certain shares had been kept in abeyance as required by law. With resolution of a few cases during the year under review, the Company has allotted 3,317 equity shares of the face value of Rs.5 each at the original Rights Issue price of Rs.650 per share to the eligible shareholders.

During the year under review, Bajaj Financial Holdings Ltd., a wholly-owned subsidiary, has firmed up new business plans for undertaking activities on digital and online platform to augment the business of the Company's subsidiaries and has changed its name to Bajaj Finserv Direct Ltd. with effect from 27 February 2018.

During FY 2017-18, BFL raised approximately Rs.4500 crore through Qualified Institutional Placement (QIP) route by issuing 2,66,27,218 equity shares of face value of Rs.2 each and a premium of Rs.1688 per share. This was the largest QIP of equity shares by an NBFC in India. After this, the shareholding of Bajaj Finserv in BFL stood at 54.99% as at the end of the reporting year.

From 2 April 2018, Bajaj Finserv, along with BFL, was included in the benchmark Nifty Fifty index. The company has adopted Indian Accounting Standards(Ind AS) w.e.f. 01.04.2018.

With effect from 24 December 2018, the company has been included in the BSE Sensex 50 of BSE Ltd. BFS remained a debt-free company and its surplus funds stood at Rs 8.3 billion and Rs 7.6 billion respectively for the quarter ended on 31 December 2018 & 31 March 2019. The consolidated net worth stood at Rs 228 billion and 238 billion respectively for the quarter ended on 31 December 2018 & 31 March 2019.

During the FY2020, Bajaj Finserve Direct Ltd(BFSD),subsidiary which was incorporated in FY2019,launched its digital platform FINSERVE MARKETS. During the fiscal 2020, BFS has incorporated a wholly owned subsidiary in the name of Bajaj Finserv Health Ltd. Over the time, this entity is expected to created a digital ecosystem in the healthcare segment connecting customers with service providers in the healthcare space such as doctors, hospitals, nursing homes, pharmacies, diagnostic centres and likely to provide a complete range products including financial solutions.

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Flash News 17-Sep-2021
  •  ( 15:38) Sensex, Nifty snap three day rising streak  
  •  ( 15:01) Dynamatic Technologies bags manufacturing contract from Boeing  
  •  ( 13:33) Euro stocks rally, outpace tepid global sentiment; UK retail sales fall M-o-M  
  •  ( 13:32) Indices yield small returns; The Nifty index trades below 17,650 mark  
  •  ( 12:55) IDFC board flags off divestment of mutual fund biz  
  •  ( 12:30) CRISIL Ratings upgrades credit ratings of NCL Industries  
  •  ( 12:25) Brightcom board OKs preferential allotment to Shankar Sharma  
  •  ( 11:56) ICRA upgrades credit ratings of KEI Industries  
  •  ( 11:27) Garment Mantra Lifestyle subsidiary sets up 11th retail store in Coimbatore  
  •  ( 11:08) Cosmo Films board OKs Rs 350-cr capex plan, first interim dividend for FY22  
  •  ( 10:49) Rajesh Exports wins an order worth Rs 691 cr from Germany  
  •  ( 10:09) TVS Motor Company Singapore arm buys stake in Swiss e-bike maker  
  •  ( 09:44) Poonawalla Fincorp MD Abhay Bhutada resigns  
  •  ( 09:28) Sensex, Nifty strike record high  
  •  ( 09:27) Balkrishna Industries starts trial production at Aurangabad facility  
  •  ( 09:23) Kotak Mahindra Group acquires vehicle financing portfolio of Volkswagen Finance  
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17 September 2021 00:00
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