Bajaj Finance on Thursday received approval from its board of directors to raise Rs 10,000 crore worth of capital through qualified institutions placement (QIP) and preferential issue of shares. Out of the total, Rs 8,800 crore will be raised via QIP and the remaining Rs 1,200 crore will be via preferential allotment of shares to Bajaj Finserv.
According to the exchange filing on Thursday, Rs 1,200 crore will be raised by issuing 1,550,000 warrants on a preferential basis to promoter company Bajaj Finserv, which can be converted to an equivalent number of equity shares within a period of 18 months from the date of allotment.
Further, at the time of subscription and allotment of warrants, 25 per cent of the amount will be payable, whereas the remaining 75 per cent of the consideration will be payable on the exercise of options against each warrant.
Post the conversion of preferential warrants into equity, Bajaj Finserv’s holding in Bajaj Finance will rise to 52.57 per cent from the existing 52.45 per cent. However, the issue price will be determined later as per the applicable law.
The company will hold an Extraordinary General Meeting seeking approval on the same from its shareholders.
Earlier this week, Bajaj Finance announced its provisional quarterly business updates with 26 per cent growth in new loans booked in the second quarter of FY24 at 8.53 million, compared to 6.76 million in Q2FY23.
The deposit book of the company stood at nearly Rs 54,800 crore as of September 30, 2023, recording a 39 per cent growth from Rs 39,422 crore in the year-ago period.
Further, the Assets under Management (AUM) of the firm rose by 33 per cent to approximately Rs 290,200 crore, compared to Rs 218,366 crore in the same quarter of FY23.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
