Bajaj Finserv soars on likely buyout of Allianz's stake in insurance arms

NEW DELHI: Shares of Bajaj Finserv ended 5 per cent higher on Monday after reports suggested that the company would likely buy out Germany’s Allianz SE’s stake in its life insurance firms.

The deal, estimated at Rs 10,000 crore, will see Bajaj Finserve buying out Allianz’s stake in Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.

Reacting to the development, the scrip gained 4.3 per cent to hit a high of Rs 2,159.20 on BSE. The stock has gained 8 per cent in the year so far.