Financial services conglomerate Bajaj Finserv Ltd said on Tuesday it has received an in-principle approval from the Securities and Exchange Board of India (SEBI) for sponsoring a mutual fund.
"Accordingly, the company will be setting up an asset management company and the trustee company directly or indirectly, that is itself or through its subsidiary in accordance with applicable SEBI regulations and other applicable laws," it informed stock exchanges in regulatory filings.
At 12:45 pm, the company's stock was trading 7.29 per cent higher on NSE India at Rs 16,385 per unit.
In the past three months, the stock has outperformed the market by surging 42 per cent as compared to a 10 per cent gain in the S&P BSE Sensex.
The company's market capitalisation is now reportedly beyond Rs 2.5 lakh crore. Bajaj Finserv holds stakes in Bajaj Allianz Life, Bajaj Allianz General Insurance, Bajaj Finance and Bajaj Financial Solutions.
( With inputs from ANI )
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