Bajaj Finance going for Rs 10,000 crore fundraise
The NBFC plans to raise up to Rs 8,800 crore through aqualified institutional placement of shares, and another Rs 1,200 crore by issuing warrants convertible into shares to Bajaj Finserv.
Bajaj Finance announced on Thursday that it will raise up to Rs 10,000 crore by issuing shares to qualified institutional investors and warrants to its largest shareholder Bajaj Finserv.
The NBFC plans to raise up to Rs 8,800 crore through aqualified institutional placement of shares, and another Rs 1,200 crore by issuing warrants convertible into shares to Bajaj Finserv.
Bajaj Finserv's stake in the company could increase from 52.45 per cent to 52.57 per cent after the issue, Bajaj Finance said, adding that the issue price would be determined at a later stage.
Bajaj Finance said in an exchange filing that it will be seeking approval of the shareholders for the proposed fundraise byconvening an Extraordinary General Meeting.
Bajaj Finance has disclosed that its new loans booked during the second quarter grew 26 per cent, while its assets under management increased about 33 per cent to about Rs 2.90 lakh crore as of September-end.
Rival companies like Tata Capital and Aditya Birla Capital are also rushing to raise fresh funds.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.