Left Menu
Development News Edition

Bajaj Finance announces closure of QIP totalling Rs 8,500 crore

Bajaj Finance Ltd has raised Rs 8,500 crore by issuing over 2.17 crore equity shares at an issue price of Rs 3,900 per equity share to qualified institutional buyers.


Bajaj Finance announces closure of QIP totalling Rs 8,500 crore
The company is one of the largest players in consumer finance segment. Image Credit: ANI

Bajaj Finance Ltd has raised Rs 8,500 crore by issuing over 2.17 crore equity shares at an issue price of Rs 3,900 per equity share to qualified institutional buyers. This was done through a qualified institutions placement (QIP) in terms of Securities and Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations.

"This is the largest QIP by a non-banking finance company in India," said Managing Director Rajeev Jain. "The company saw participation from marquee sovereign wealth funds, pension funds, foreign long-only funds and large domestic mutual funds." Jain said this capital raise will support growth of the company over the next few years. The entire QIP process was completed in 52 days between September 17 and November 7.

Bajaj Finance, a subsidiary of Bajaj Finserv, is one of the largest players in burgeoning consumer finance segment and a pioneer in introducing interest-free EMI finance options in more than 50 categories, ranging from consumer durables to lifestyle products to groceries. Apart from consumer finance, the company also has substantial business penetration in small and medium enterprises, commercial and rural lending. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

Hyderabad Encounter: Time to review modern judiciary and restore people’s confidence

Its probably for the first time in the history of independent India, the parliamentarians, chief ministers and ministers in the Union and State governments are openly supporting an encounter. This indicates the people from top to bottom hav...

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...

Videos

Latest News

BJP appears headed for a splendid show in Karnataka bypolls

The ruling BJP appeared headed for a splendid show, leading in 11 out of 15 Assembly constituencies that went for the bypolls on December five, as the counting was taken up on Monday. The BJP needs to win at least six of those 15 seats to ...

UPDATE 1-Australian firefighters burn grasslands to minimise looming bushfire risk

Thousands of firefighters burned grassland in eastern Australia on Monday in a desperate bid to starve an anticipated new front of bushfires of fuel before forecast searing temperatures on Tuesday. More than 100 fires are ablaze in New Sout...

UPDATE 1-Peaceful Hong Kong march marred by fire outside court, police say

Hong Kong protesters set fire outside court buildings, threw petrol bombs and spray-painted graffiti on government buildings, marring what was otherwise a generally peaceful march over the weekend, police said on Monday. The comments came a...

Soccer-Socceroos skipper Milligan announces international retirement

Australia captain Mark Milligan has announced his retirement from international soccer, the football federation FFA said on Monday. The 34-year-old, who was named in the Socceroos last four World Cup squads, made his debut against Liechtens...

Give Feedback