Bajaj Finance issues warrants worth Rs 1,190 crore to Bajaj Finserv; stock jumps 2%

Bajaj Finance shares jumped 1.9 percent in trade as the financial services giant issued 15.5 lakh warrants to promoter Bajaj Finserv for a total consideration of Rs 1,188.85 crore.

The board of the company issued the warrants at a price of Rs 7,670 apiece. The warrants are convertible into equivalent equity shares, with a face value of Rs 2 each. Compared to Bajaj Finance shares’ closing price of Rs 7,670 on November 1, the warrants are issued at a premium of 2.65 percent.

As of 12.20 pm, shares of Bajaj Finance were trading at Rs 7,489.10 per share on the NSE, higher by 0.23 percent from the closing price of the previous session. On the other hand, Bajaj Finserv stock was lower by 0.31 percent at Rs 1,568.05.

Shareholding, stock price movement

Compared to the frontline index Nifty 50 that has risen 5.22 percent, Bajaj Finance shares have risen around 20 percent over the past six months. The company has a market-capitalisation of Rs 4.5 lakh crore.

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Promoter shareholding stayed the same in the most recent quarter at 55.87 percent. FIIs have increased holdings from 16.68 percent in the June quarter to 17.01 percent in the quarter ended September. DIIs held 16.5 percent in the company, of which 9.1 percent are mutual funds. The number of mutual fund schemes were unchanged at 40. The public held 10.5 percent in the company.

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