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In a significant move, Bajaj Finance is set to raise ₹10,000 crore ($1.35 billion), leading to a surge in its share price on the National Stock Exchange (NSE). The fundraising initiative includes ₹8,800 crore via a Qualified Institutional Placement (QIP) and ₹1,200 crore through a preferential issue to Bajaj Finserv.
On Friday, the company’s shares climbed to ₹7,996.75 on the NSE following a board decision made on Thursday, October 5, 2023. The market’s positive response underscores the approval of Bajaj Finance’s fund-raising strategy.
The plan is subject to shareholder approval at an Extraordinary General Meeting and regulatory norms from the Ministry of Corporate Affairs. The proposed capital will be used to bolster the company’s lending capacities and support its growth strategies.
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