Bajaj Finance raises ₹8,800 crore via Qualified Institutions Placement

livemint.com:

₹8,800 crore via Qualified Institutions Placement (QIP) today, the company said in an exchange filing. Bajaj Finance board of directors have also approved raising funds up to ₹1,200 crore via warrants. In its filing, Bajaj Finance stated that it had raised an overall amount not more than ₹8,800 crore with the approval of the board of directors and shareholders through the issuance of equity shares with a face value of ₹2 each and warrants not more than ₹1,200 crore.

"Raising of capital through a Qualified Institutions Placement ("QIP") for an aggregate amount not exceeding Rs. 8,800 Crore (Rupees Eight Thousand Eight Hundred Crore only) by the issue of equity shares of face value of Rs. 2 each (“Equity Shares") in accordance with the Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013, and the rules made thereunder," the company said in an exchange filing.

By issuing up to 15,50,000 warrants with the option to convert them into an equivalent number of equity shares with a face value of ₹2 each as a preferential issue to the promoter, Bajaj Finserv Limited, for a total not to exceed ₹1,200 crore. In addition, the company stated that, subject to any applicable rules or circulars published from time to time by the Ministry of Corporate Affairs, it will call an Extra Ordinary General Meeting to ask shareholders for their consent to the proposed QIP and PI. Today, Bajaj Finance share price closed over 5% lower at Rs, 7,849.25 apiece on BSE.