Bajaj Finserv, the holding company for the various financial services businesses under the Bajaj Group, reported a flat growth in consolidated net profit at Rs 707 crore in the fourth quarter ended March 31, 2015 as compared to the year ago period.

For the year ended March 31, 2015, the company reported nine per cent growth in net profit at Rs 1,690 crore as against Rs 1,544 crore in the previous year.

The board of directors of Bajaj Finserv recommended a dividend of Rs 1.75 per share, unchanged from the previous year.

The company participates in financing business through 61.53 per cent holding in Bajaj Finance Ltd (BFL); and 74 per cent holding each in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

“The only reason for flat growth in net profit in the reporting quarter was the fall in profits of the life insurance company,” said Sanjiv Bajaj, Vice Chairman, Bajaj Finserv.

In the fourth quarter, BFL reported a 27 per cent increase in net profit at Rs 182 crore and BAGIC clocked 43 per cent jump in net profit at Rs 144 crore. BALIC’s net profit was down about 19 per cent at Rs 559 crore.

Meanwhile, in the extraordinary general meeting held on Wednesday, shareholders of BFL approved a plan to raise funds through issue of securities up to Rs 1,400 crore through qualified institutional placement route, Bajaj Finserv said in a statement.

Further, a preferential issue of up to 9.25 lakh warrants, convertible into an equivalent number of equity shares, amounting to around Rs 400 crore to Bajaj Finserv Ltd has been approved.

Bajaj Finserv shares closed at Rs 1450.10 per share, down 1.02 per cent (or by Rs 14.95) on the BSE. BFL shares closed at Rs 4499.15 per share, up 0.37 per cent (or by Rs 16.40).

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