Bajaj Fin launches Rs 4,500-cr QIP at floor price of Rs 1,771.9 per share

Bajaj Finance has set the floor price of its proposed QIP worth Rs 4,500 crore at Rs 1,771.90 per share.

Earlier in July, the company had informed about the board meeting that gave its go ahead for the Rs 4,500 crore capital raise plan through a qualified institutions placement (QIP) to qualified institutional buyers.

"The special committee of the board of the company today passed the resolutions...And accordingly the floor price in respect of aforesaid QIP based on the pricing formula is Rs 1,771.90 per equity share," Bajaj Finance said in a regulatory filing.

The company may offer a discount of not more than 5 per cent on the floor price so calculated for the QIP, it added.

Bajaj Finance had reported a jump of 42 per cent in its net profit at Rs 602 crore for the first quarter ended June of current fiscal, against Rs 424 crore in the same period year ago.

The company is primarily engaged in the business of financing.

Stock of the company closed 0.64 per cent down at Rs 1,787.50 apiece on BSE today.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel