JM Financial Sells Stake in Home Loans Arm to Bajaj Allianz for Rs 65.5 Crore

JM Financial Credit Solutions Ltd is set to divest a 2.1% stake in its home loans arm to Bajaj Allianz Life Insurance Company for a total transaction value of Rs 65.5 crore. The sale involves 1.36 crore equity shares priced at Rs 48 each.

The deal is expected to complete by the end of August, resulting in JM Financial's shareholding in JM Financial Home Loans Ltd dropping from 8.98% to 6.88%. This, in turn, reduces the parent company's effective holding from 98.76% to 96.66%.

Bajaj Allianz Life Insurance, a significant player in India's private insurance sector and a joint venture between Bajaj Finserv and Allianz SE, will not affect JM Financial's group structure as it is not a related party. The stake sale is independent of any group arrangement.

(With inputs from agencies.)