The company disclosed that it offloaded 1.9994% of Bajaj Housing Finance by selling 16.66 crore shares at about Rs 95.31 apiece. The sale fetched roughly Rs 1,587.82 crore and was executed under the open market mechanism. Bajaj Finance clarified that the deal does not involve any related parties.

After Tuesday’s transaction, Bajaj Finance’s shareholding in the housing finance arm stands at 86.7032%.

Bajaj Housing Finance accounted for Rs 9,524.37 crore or 13.66% of Bajaj Finance’s consolidated turnover in the last financial year, while its net worth contribution stood at Rs 17,838 crore or 18.03% of the consolidated net worth.

The company noted that the sale forms one more step in the ongoing process of bringing Bajaj Housing Finance closer to its mandated public shareholding threshold.

Shares of Bajaj Finance were down 0.47% to Rs 1020.45 while shares of Bajaj Housing Finance were up 1.24% to Rs 98.20 on the BSE.