Bajaj Finance sets Rs 1,771.90 as floor price for proposed QIP

Bajaj Finance has set the floor price of its proposed QIP worth Rs 4,500 crore at Rs 1,771.90 per share.

Earlier in July, the company had informed about the board meeting that gave its go ahead for the Rs 4,500 crore capital raise plan through a qualified institutions placement (QIP) to qualified institutional buyers.

"The special committee of the board of the company today passed the resolutions...and accordingly the floor price in respect of aforesaid QIP based on the pricing formula is Rs 1,771.90 per equity share," Bajaj Finance said in a regulatory filing.

The company may offer a discount of not more than 5 per cent on the floor price so calculated for the QIP, it added.

Bajaj Finance had reported a jump of 42 per cent in its net profit at Rs 602 crore for the first quarter ended June of current fiscal, against Rs 424 crore in the same period year ago.

The company is primarily engaged in the business of financing.

Stock of the company closed 0.64 per cent down at Rs 1,787.50 apiece on BSE today.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)