New Delhi, March 18 -- The Bajaj Group and Allianz SE are finally parting ways after 24 years. Bajaj will buy Allianz's 26% stake in its insurance business: Bajaj Allianz General Insurance Co. Ltd and Bajaj Allianz Life Insurance Co. Ltd.

Based on the price to be paid of Rs.13,780 crore for the general insurance stake and Rs.10,400 crore for the life insurance stake, the valuation of the two businesses works out to Rs.53,000 crore and Rs.40,000 crore.

The structure of the deal involves Bajaj Finserv and Bajaj Holdings buying out about 1% and 20%, respectively, with the rest to be bought by Jamnalal Sons. The Street's reaction to the deal is muted, with shares of Bajaj Finserv and Bajaj Holdings remaining almost flat to negative.

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