The placement involves issuing up to 11.41 crore equity shares, resulting in a potential 1.8% dilution of the company's existing equity capital. Net proceeds from the exercise are earmarked for settling loans, deposits, commercial papers, and interest commitments, alongside funding general operational needs. This institutional tranche builds on a ₹5,800 crore warrant issue previously initiated with parent entity Bajaj Finserv. The strategy unfolds amid consistent buying interest, with the equity gaining over 16% across the preceding month.
Key points
Capital raised through the institutional placement will directly reduce debt through repa…: Capital raised through the institutional placement will directly reduce debt through repayments of deposits, commercial papers, and debentures.
The transaction will dilute existing pre-issue paid-up equity share capital by up to appr…: The transaction will dilute existing pre-issue paid-up equity share capital by up to approximately 1.8%.
The stock has recorded multi-year gains of 49.53% across three years and 47.12% across a…: The stock has recorded multi-year gains of 49.53% across three years and 47.12% across a five-year investment horizon.
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Bajaj Finance shares surged as much as 3.48% in Thursday's trading session, after the non-banking financial company (NBFC) launched its ₹11,700 crore qualified institutional placement (QIP). The stock has witnessed strong buying interest, gaining around 16% over the past month.
Bajaj Finance share price opened at ₹1,078 apiece on NSE today and touched an intraday high of ₹1,118 on November 12.
Bajaj Finance launched its ₹11,700 crore QIP on November 11 to raise capital from eligible institutional investors. The company has set the floor price at ₹992.25 per equity share, in accordance with the pricing formula prescribed under the Securities and Exchange Board of India (SEBI) regulations.
The indicative issue price has been fixed at ₹1,025 per share, representing a discount of approximately 5% to the stock's previous closing price of ₹1,078.80 on the NSE.
The company has also received approval to offer a discount of up to 5% on the floor price, subject to applicable regulations and shareholder approval. The final issue price will be determined in consultation with the book-running lead managers.
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