Bajaj Finance, on this eventful October 5, has unveiled ambitious plans to raise a staggering Rs 10,000 crore through a dual approach that includes a Qualified Institutions Placement (QIP) and a Preferential Issue (PI) of shares. The financial services giant intends to gather up to Rs 8,800 crore via QIP and an additional Rs 1,200 crore through a preferential allotment to its promoter, Bajaj Finserv.
To bring this grand scheme to fruition, Bajaj Finance will diligently seek the approval of its valued shareholders. This vital step will be accomplished by convening an Extraordinary General Meeting (EGM), in adherence to all relevant provisions and circulars laid out by the Ministry of Corporate Affairs.
It’s worth noting that this strategic fundraising move, encompassing both QIP and the preferential issue route, had been previously speculated upon by Moneycontrol.
Specifically, Bajaj Finance is set to raise Rs 1,200 crore through a preferential issue, which includes the issuance of up to 15.5 lakh warrants that can be converted into an equivalent number of equity shares. These will be exclusively offered to their promoter company, Bajaj Finserv. Following the conversion of these preferential warrants into equity, Bajaj Finserv’s stake in Bajaj Finance will see a slight uptick, moving from 52.45 percent to 52.57 percent. The exact issue price, however, will be determined at a later juncture. Each warrant comes with a conversion window of 18 months from the date of allotment. In the event that the option to convert these warrants into equity shares is not exercised, they will naturally lapse.
In the stock market realm, Bajaj Finance shares exhibited a marginal dip, closing at Rs 7,849.25 on the day just before this monumental fundraising announcement.
In addition to this financial maneuver, earlier in the week, Bajaj Finance disclosed some crucial performance metrics for the quarter ending on September 30. The company reported an impressive 26 percent surge in new loans booked during the July to September quarter, tallying up to a substantial 85.3 lakh loans, compared to 67.6 lakh in the same period last year.
Furthermore, Bajaj Finance’s deposits surged to approximately Rs 54,800 crore as of September 30, 2023, compared to Rs 39,422 crore in the corresponding month the previous year—a remarkable year-on-year growth of 39 percent.
The company’s assets under management (AUM) also saw a substantial boost, escalating by 33 percent to approximately Rs 290,200 crore by the close of September, as opposed to Rs 218,366 crore at the same point in the preceding year. Bajaj Finance highlighted an AUM growth of approximately Rs 20,100 crore in Q2 FY24.
In light of these developments, Bajaj Finance appears to be charting an ambitious and promising trajectory in the financial landscape, making waves with its strategic financial moves and impressive business growth. The eyes of shareholders and industry observers will undoubtedly remain fixed on this dynamic financial institution as it navigates the road ahead. Stay tuned for more updates on this evolving financial saga.
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