Bajaj Finance is executing the capital raise via a qualified institutional placement following board approval in October to gather up to ₹175 billion through warrants and institutional shares. The offering represents a 4.99% discount relative to the stock's closing price on Wednesday. Six financial institutions, including Morgan Stanley and Kotak Mahindra Capital, are managing the bookbuilding process. The transaction follows an earlier November issuance of warrants to parent promoter Bajaj Finserv.
Key points
Proceeds from the transaction will directly fund interest payments and repay various debt…: Proceeds from the transaction will directly fund interest payments and repay various debts including loans and non-convertible debentures.
The deal forms the institutional placement component of an approved plan to raise up to ₹…: The deal forms the institutional placement component of an approved plan to raise up to ₹175 billion across equity instruments.
A six-firm syndicate featuring JPMorgan Chase and Kotak Mahindra Capital is leading the t…: A six-firm syndicate featuring JPMorgan Chase and Kotak Mahindra Capital is leading the transaction management.
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The offering, at an indicative price of ₹1,025 per share, represents a 4.99% discount to Wednesday's closing price. Proceeds from the offering will be used to repay deposits, loans, commercial paper and non-convertible debentures, as well as for interest payments, among other purposes, according to the terms.
Bajaj Finance is working with Kotak Mahindra Capital, Morgan Stanley, JPMorgan Chase, IIFL Capital Services, Axis Capital and JM Financial on the transaction.
The company's board on October 1 approved plans to raise as much as ₹175 billion from a 117 billion-rupee qualified institutional placement and 58 billion rupees from warrants. Bajaj Finance on November 10 raised about ₹58 billion by allotting 57.43 million warrants to its promoter and holding company, Bajaj Finserv, at ₹1,010 apiece.
India has been one of the world's busiest markets for equity fundraising this year, with companies raising about $50.25 billion from equity offerings so far, compared with $58.78 billion for all of last year.
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