Shares of Bajaj Finserv Ltd increased nearly 8 per cent on Tuesday after getting approval from markets regulator Sebi for sponsoring a mutual fund.

On BSE, the scrip opened at a positive note of Rs 15,340 and jumped to its 52-week high value of Rs 16,590.15, during the day.

It finally settled at Rs 16,475.25, up 7.91 per cent over the previous close.

Following a similar trend on NSE, the scrip opened at Rs 15,367.55 and rose to Rs 16,584.8, its 52-week high value before finally closing 7.78 per cent higher at Rs 16,460.

In a regulatory filing on Tuesday, the firm said that it has "received an in-principle approval from Securities and Exchange Board of India (SEBI) vide their letter dated 23 August 2021, for sponsoring a mutual fund." Accordingly, the company would be setting up an asset management company and the trustee company, directly or indirectly, it added.