Bajaj Finance to raise Rs 10,000 crore via QIP, preferential issue

The company will be seeking approval of the shareholders for the proposed QIP and PI by convening an Extra Ordinary General Meeting

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Bajaj Finance on October 5 announced a Rs 10,000 crore fundraise via qualified institutions placement as well as the preferential issue of shares. The NBFC plans to raise up to Rs 8,800 crore via QIP and Rs 1,200 crore via preferential allotment to promoter Bajaj Finserv.

“The company will be seeking approval of the shareholders for the proposed QIP and PI by convening an Extra Ordinary General Meeting subject to applicable provisions/circulars issued by Ministry of Corporate Affairs from time to time,” it said in an exchange filing.

Moneycontrol had earlier reported that Bajaj Finance is planning fundraising via a mix of QIP and preferential issue route.

The company said it will raise Rs 1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to its promoter company Bajaj Finserv.

After the conversion of preferential warrants into equity, Bajaj Finserv’s share in Bajaj Finance will rise to 52.57 percent from 52.45 percent earlier. The issue price, however, will be determined at a later stage.

Each warrant is convertible into an equivalent number of equity shares within a period of 18 months from the date of allotment. In case the option to convert the warrants into equity shares is not exercised, the warrants will lapse.

Also Read: Bajaj Finance hits 52-week high on robust Q2 growth; brokerages maintain ‘buy’

Bajaj Finance shares closed marginally lower at Rs 7,849.25 on Thursday, ahead of the fundraising announcement.

Earlier this week, the company reported some of the key business metrics on a consolidated basis for the quarter ended September 30. Bajaj Finance said it posted a 26 percent growth in new loans booked during the July to September quarter at 85.3 lakh as compared to 67.6 lakh in the corresponding period last year.

Its deposits book stood at approximately Rs 54,800 crore as of September 30, 2023 as compared to Rs 39,422 crore in the same month last year, a year-on-year growth of 39 percent.

Bajaj Finance’s assets under management (AUM) grew by 33 percent to approximately Rs 290,200 crore by the end of September as compared to Rs 218,366 crore at the end of September of the previous year. “AUM in Q2 FY24 grew by approximately Rs 20,100 crore.” the company said.