Bajaj Finserv to invest Rs 284cr in Bajaj Finserv Direct
Bajaj Finserv Limited said that it has deferred its previously announced plan of investing up to INR 342 crores in the company’s fully-owned subsidiary — Bajaj Finserv Direct Limited.
However, the Indian financial services company said that the investment will be made in one or two tranches by the end of the current financial year. In July 2021, Bajaj Finserv had said that the investment will be made within 60 days.
Bajaj Finserv said that it will now make an initial investment of INR 284 crores, which will be in the form of equity shares and/or convertible loan or security into equity shares.
According to the financial services company, the investment is being made with the intention of supporting Bajaj Finserv Direct’s existing line of businesses.
Bajaj Finserv Direct is an unlisted public company, which distributes financial products through its digital marketplace.
After the total investment, Bajaj Finserv will continue to hold 80.1% of shareholding of Bajaj Finserv Direct on a fully diluted basis. The remaining 19.9% will be held by Bajaj Finance limited.