Bajaj Finance has approved the allocation of 5,74,25,740 warrants to its promoter entity at an issue price of Rs 1,010 each. A special committee authorized the transaction, which aggregates to approximately Rs 5,799.9 crore under relevant SEBI guidelines. Each warrant is convertible into an equivalent number of fully paid-up equity shares ranking equally with existing shares. Under statutory rules, the promoter must pay an initial 25 percent upfront, followed by the remaining 75 percent when exercising the warrants.
Key points
Regulatory guidelines require the promoter to provide at least 25 percent of the consider…: Regulatory guidelines require the promoter to provide at least 25 percent of the consideration at allotment.
The outstanding 75 percent balance will become payable upon the eventual conversion of th…: The outstanding 75 percent balance will become payable upon the eventual conversion of the warrants into shares.
The entire issuance complies strictly with the SEBI ICDR framework governing preferential…: The entire issuance complies strictly with the SEBI ICDR framework governing preferential corporate allocations.
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A special committee of the board of directors of the company has approved the issue of 5,74,25,740 warrants to the promoter, at an issue price of Rs 1,010 per Warrant, for an amount aggregating to Rs 5,799.9 in accordance with Chapter V of the Securities and Exchange Board of India, Bajaj Finance said in a regulatory filing.
"Each of the warrants is convertible into an equivalent number of equity shares, which are pari-passu with the fully paid-up equity shares of the company," it said.
On issue, a minimum of 25 per cent of the consideration should be payable on the date of allotment and the balance 75 per cent would be payable at the time of allotment of equity shares pursuant to the exercise of options against the warrants, in accordance with the SEBI ICDR Regulations, it said.
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