India’s Bajaj Finserv founding firms to sell 1.6% stake for $554 million

The founding firms of India’s Bajaj Finserv will sell at least a 1.58% stake they own in the financial services company in a deal worth 47.5 billion rupees ($554 million), news channel ET NOW reported on Thursday, citing sources.

The firms, which include Jamnalal Sons and Bajaj Holdings and Investment, will sell the 25.3 million shares they own in the secondary market at a floor price of 1,880 rupees per share, the report said.

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The reported floor price is at a discount to Bajaj’s closing price of 1,944 rupees on Thursday.

Bajaj Finserv’s founding firms have an option to sell another 5.7 million shares, or a 0.36% stake they own in Bajaj Finserv, according to the report.

Bajaj Finserv did not immediately respond to a request for comment.