Bajaj Finance opens QIP, sets floor price at Rs 4,020 per share

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Published: November 5, 2019 12:40:28 AM

Bajaj Finance had reported a 63% rise in its consolidated net profit to Rs 1,506 crore for the quarter ended September.

bajaj finance, stock marketsThe scrip closed Monday’s trading session up 1.14% at Rs 4,115.95 on the BSE.

Bajaj Finance on Monday informed the exchanges that its board of directors had approved the opening of the qualified institutional placement (QIP) of its equity shares, through which the firm is aiming to raise up to `8,500 crore. The company indicated it has set the floor price of the QIP at `4,019.78 per equity share. Bajaj Finance said it may offer a discount on the floor price as may be approved by its special committee.

The announcement on the QIP came after market hours. The scrip closed Monday’s trading session up 1.14% at Rs 4,115.95 on the BSE.

Bajaj Finance had reported a 63% rise in its consolidated net profit to Rs 1,506 crore for the quarter ended September. The firm’s capital adequacy ratio at September 30 (including tier-II capital) stood at 19.68%, while its tier-I capital stood at 15.86%. Net interest income for Q2FY20 was up by 48% to about Rs 3,999 crore.

The firm’s gross non-performing assets (NPA) and net NPAs stood at 1.61% and 0.65%, respectively, while the provisioning coverage ratio was at 60%. In September 2017, the firm had raised around Rs 4,500 crore through QIP, with the issue witnessing significant investor interest.

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