Bajaj Finance board to meet on October 5 to consider raising funds; shares zoom
Bajaj Finance shares were in high demand on Monday after the private sector lender said its board will meet on October 5 to consider raising funds through various means.
Bajaj Finance shares jumped on Monday after the non-banking financial company (NBFC) said its board will meet on October 5 to consider raising funds through various means including preferential issuance of shares and qualified institutional placement (QIP). The Bajaj Finance stock gained by Rs 264.5, or 3.5 per cent, to touch Rs 7,737 apiece at the strongest level of the day so far.
The NBFC stock traded in high volume. At 9:35 am, the stock was holding on to a gain of 3.4 per cent at Rs 7,727.3 apiece on the bourse. As many as 26,000 Bajaj Finance shares changed hands for the day on BSE, as against a daily average of 16,000 in the past two weeks, according to exchange data.
In a regulatory filing post-market hours on Friday, Bajaj Finance said the raising of funds will be subject to regulatory as well as shareholders' approvals. It also said the trading window for dealing in its shares will be closed from September 22 till October 7 (both days inclusive).
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