Bajaj Finance Limited has informed the Exchange about issue of Securities
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Awaiting price reaction for this filing.
Bajaj Finance has raised Rs. 1,555 crore by allotting 1,55,500 secured, redeemable non-convertible debentures (NCDs) to investors on a private placement basis. Each NCD has a face value of Rs. 1 lakh and carries a coupon (interest) of 7.37% per annum, payable annually. The NCDs have a tenure of about 5 years (1,824 days), maturing on 27 September 2030. The NCDs will be listed on the wholesale debt segment of BSE and are secured by a first pari-passu charge on the company's book debts and loan receivables, with a minimum security cover of 1x.
This is a routine debt-raising move by Bajaj Finance to fund its lending operations. Since it is a private placement of NCDs (not equity), there is no dilution for existing shareholders. The 7.37% coupon reflects the current rate environment and is unlikely to have a material impact on the stock price.