Bajaj Finance launches QIP; sets floor price at Rs 7,533.81 per share

7 Nov 2023 , 11:37 AM

Bajaj Finance announced on 6 November that it has undertaken a Qualified Institutional Placement (QIP) to raise capital. The floor price per share has been established at Rs 7,533.81.

The news comes only a month after the NBFC announced plans to raise Rs 10,000 crore through qualified institutional placement and a preferential share issuance.

The company stated in a regulatory filing today that it may offer a discount of up to 5% on the floor price. 

According to sources, the business plans to raise up to Rs 8,800 crore through QIP. The estimated price for the fundraising will most likely be a 4% reduction to the current market pricing.

On October 5, Bajaj Finance stated that it will seek a Rs 10,000 crore fundraising. The NBFC intended to raise up to Rs 8,800 crore through QIP and Rs 1,200 crore through preferential allocation to promoter Bajaj Finserv.

At around 10.58 AM, Bajaj Finance was trading 0.57% lower at Rs 7,518.70 per piece, against the previous close of Rs 7,562.05 on NSE. The counter touched an intraday high and low of Rs 7,640 and Rs 7,517, respectively.

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