“In the plan submitted to the regulator about the IPO, Bajaj had conveyed that it will look to list after buying out the JV partner,” said a source. Bajaj Finserv on Monday announced a deal to acquire Allianz SE’s 26% stake in its insurance ventures at a valuation of ₹24,180 crore, ending a 24-year alliance.
Bajaj Allianz General Insurance (BAGIC) and Bajan Allianz Life Insurance (BALIC) will be the big listings on the stock exchange as based on the agreed consideration for a 26% stake; BAGIC is valued at approximately ₹53,000 crore, and BALIC at around ₹40,000 crore. Under the deal, the 2 insurance companies are valued at ₹93,000 crore, and the listing process will commence once Bajaj Finserv completes its recent 26% acquisition, according to a plan submitted to the insurance regulator. While listing is not legally mandated, Irdai is encouraging insurers to go public.
