8 hrs ago
Bajaj Finance Board Approves ₹17,500 Crore Fundraise Through QIP, Warrants
Bajaj Finance wants to collect more money for the company.
Its board approved two possible ways to do this.
One way is selling shares to large, approved investors.
This could bring in up to ₹11,700 crore.
The second way is selling warrants worth up to ₹5,800 crore.
Warrants can later be changed into company shares under set rules.
Together, the plans could raise ₹17,500 crore.
The plans can happen only after regulators and shareholders approve them.
Bajaj Finance’s board approved plans to raise up to ₹17,500 crore through a QIP and preferential warrants issue.
The proposed QIP could raise up to ₹11,700 crore by issuing equity shares to qualified institutional buyers.
A preferential issue of warrants could raise up to ₹5,800 crore.
Both fundraising proposals require shareholder approval and statutory and regulatory clearances.
The company plans to seek shareholder consent through an Extra Ordinary General Meeting.
- Who
- Bajaj Finance and its board.
- What
- The board approved plans to raise up to ₹17,500 crore through a QIP and a preferential issue of warrants.
- Where
- At a Bajaj Finance board meeting; the location is not specified.
- When
- The decision was taken at the company’s board meeting on Thursday; the article does not specify the date.
- Why
- To raise fresh capital through the proposed equity and warrant issues.
Key facts
- Total proposed fundraising
- Up to ₹17,500 crore
- QIP component
- Up to ₹11,700 crore
- Warrant component
- Up to ₹5,800 crore
- QIP security
- Equity shares with a face value of Re 1 each
- Shareholder approval
- Required through an Extra Ordinary General Meeting
- Regulatory status
- Subject to statutory and regulatory clearances
- Applicable framework
- SEBI regulations, the Companies Act, 2013, and other applicable laws
Sources
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