Bajaj Finance gains nearly 2% after NBFC gives the nod to Rs 10,000 crore fundraising plan

Shares of NBFC major Bajaj Finance in early trade on October 6, 2023, gained 1.86 per cent to rise to Rs 7,996.75 apiece on the NSE after the company in its board meeting on Thursday (October 5) approved fund raising to the tune of Rs 10,000 crore.

The board of Bajaj Finance approved fund raising via the qualified institutional placement (QIP) route for an amount of Rs 8,800 crore by issuing equity shares of face value of Rs 2 each.

Additionally, the company gave the nod to the preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of shares to the promoter company, Bajaj Finserv, for an aggregate amount of up to Rs 1,200 crore.

“The Company will be seeking approval of the shareholders for the proposed QIP and PI by convening an Extraordinary General Meeting subject to applicable provisions/circulars issued by the Ministry of Corporate Affairs from time to time,” said the company’s regulatory filing.

At 10 a.m., the stock traded with gains of over 1 per cent at Rs 7,932 per share on the NSE.