Bajaj Finance board approves Rs 17,500 Cr capital raise via QIP and warrants
BAJFINANCE · price
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On the reaction day the stock moved 1.7 pts more than Nifty 100 and 2.3 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board approved raising up to Rs 11,700 Crore through a QIP of equity shares of face value Re 1. Separately approved a preferential issue of warrants convertible into equity shares worth up to Rs 5,800 Crore to Bajaj Finserv Limited, the promoter and holding company. Combined capital raise is up to Rs 17,500 Crore. Shareholder approval will be sought at an EGM. For warrants, 25% payable on allotment and 75% on conversion within 18 months.
Equity dilution ahead from QIP and promoter warrants; combined raise up to Rs 17,500 Crore to fund growth. Short-term price pressure possible.