Bajaj Finance board okays raising Rs 8,500 cr via QIP

Bajaj Finance on Tuesday said it will raise up to Rs 8,500 crore through qualified institutional placement (QIP) by issuing equity shares. The board of directors, at its meeting held on September 17, approved raising of capital through QIP for an aggregate amount not exceeding Rs 8,500 crore by issue of equity shares, it said in a regulatory filing.

The approval, it said, is subject to shareholders' nod to be sought through a postal ballot. Stock of Bajaj Finance closed 1.54 per cent lower at Rs 3,365.65 on the BSE.