Bajaj Finance Limited, one of India's leading non-banking financial institutions, has announced plans to raise capital through various avenues, subject to regulatory approvals and shareholder consent, the company on Thursday announced through an exchange filing.
The Board of Directors, at its meeting held today, approved the following proposals:
1. Qualified Institutions Placement (QIP):
Bajaj Finance intends to raise capital through a Qualified Institutions Placement (QIP) for an aggregate amount not exceeding Rs. 8,800 Crore. This will involve the issuance of equity shares with a face value of Rs. 2 each. The QIP will be conducted in compliance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013, and relevant rules, including the Companies (Prospectus and Allotment of Securities) Rules, 2014, and the Companies (Share Capital and Debentures) Rules, 2014.
2. Preferential Issue (PI):
Bajaj Finance also plans a Preferential Issue (PI) of up to 15,50,000 warrants convertible into an equivalent number of equity shares. These warrants will be offered to Bajaj Finserv Limited, the promoter of Bajaj Finance, for an aggregate amount not exceeding Rs. 1,200 Crore. This PI will be conducted in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The company will seek approval from its shareholders for both the proposed QIP and PI through an Extraordinary General Meeting, in line with the applicable provisions and circulars issued by the Ministry of Corporate Affairs.
Bajaj Finance Limited shares
The shares of Bajaj Finance on Thursday at 3:30 pm IST were at Rs 7,845, down by 0.12 percent.
