Bajaj Finance stock gains as company launches QIP, sets floor price for Rs 8,800 crore fundraise

Sources had previously told CNBC-TV18 that Bajaj Finance is likely to raise up to Rs 18,800 crore via QIP. The indicative price for the fundraise is likely to be at 4 percent discount to current market price.

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Shares of Bajaj Finance gained 0.5 percent at open on November 7 after the NBFC informed the stock exchanges that it has launched a Qualified Institutional Placement (QIP) and set the floor price for the issue to raise funds. At 9:41 am, the stock was trading at Rs 7,600.75.

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In an exchange filing, Bajaj Finance said that the floor price for the QIP has been set at Rs 7,533.81 per share. The company also said that it may offer a discount of up to 5 percent on the floor price. Earlier, CNBC-TV18 reported citing sources that Bajaj Finance is likely to raise up to Rs 8,800 crore via QIP. The indicative price for the fundraise is likely to be at 4 percent discount to current market price.

Also read: Buy Bajaj Finance; target of Rs 8631: Geojit

In a recently release company update, Bajaj Finance reported that new loans booked during the quarter ending September 2023, grew by 26 percent to 85.3 lakh compared to the previous fiscal. In Q2FY24, Bajaj Finance’s net profit rose 27.8 percent to Rs 3,550 crore, compared to Rs 2,781 crore in the previous fiscal. Net interest income (NII) for the same period also grew by 26.4 per cent to Rs 8,841 crore.

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