Bajaj Finance launches QIP, floor price set at ₹7,533.81 per share
Bajaj Finance Ltd on November 6 announced the launch of a qualified institutional placement (QIP) to raise funds, with the floor price set at “ ₹7,533.81 per share". The company informed the exchanges that it may offer a discount of up to 5 percent on the floor price. The issue was given the nod by the company's QIP Special Committee, which met earlier in the day.
The committee authorised the “opening of the issue today, i.e., Monday, 6 November 2023", Bajaj Finance said in a regulatory filing. Based on the pricing formula as prescribed under the applicable SEBI norms, a floor price of of ₹7,533.81 per equity share was finalised, it added. “The company may, at its discretion, offer a discount of not more than 5 percent on the floor price so calculated for the issue," the filing added.
The development comes over a month after the non-banking financial company (NBFC) said its board has approved the plan to raise ₹10,000 crore – comprising of ₹8,800 crore to be raised via QIP issue and ₹1,200 crore through convertible warrants. In its previous QIP issue launched in 2019, Bajaj Finance had raised ₹8,500 crore. This was preceded by a fundraise of ₹4,500 crore via the same route in 2017.
In the quarter ending September 2023, Bajaj Finance reported a consolidated profit after tax came at ₹3,550.8 crore, higher by 28 percent as compared to 2,780.7 crore in the year-ago period. The revenue from operations during the second quarter climbed by 34 percent on-year to ₹13,378 crore, as against ₹9,970 crore in the corresponding period of the past fiscal. (This is a developing story)Milestone Alert!
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