Bajaj Finance today authorised the opening of QIP (qualified institutional placement) of equity shares and has set a floor price in respect of QIP at Rs 1,771.9 per equity share.
Bajaj Finance today authorised the opening of QIP (qualified institutional placement) of equity shares. The Bajaj group financial services company has set a floor price in respect of aforesaid QIP at Rs 1,771.9 per equity share. Shares of Bajaj Finance hit a day’s high of Rs 1,814.05 before closing down 0.64% at Rs 1,787.5 on BSE today ahead of the QIP announcement. The company further said that it may offer a discount of not more than 5% on the floor price set for QIP. Earlier in July 2017, the company’s board of directors has approved to raise Rs 4,500 crore through a qualified institutional placement.
Bajaj Finance has proposed the QIP (qualified institutional placement) of equity shares of face value Rs 2 today under a provision of chapter 8 of Securities and Exchange Board of India. Bajaj Finance said that the subsequent approval accorded by the board of directors of the company at its meeting held on 19 July 2017 and the special resolution passed by the shareholders of the company by way of postal ballot on 24 August 2017 has passed authorising of opening of QIP today, 5 September, and approving its floor price of Rs 1,771.9 per equity share.
The company will consider and approve issue price including a discount, if any, for the equity shares to be allotted to qualified institutional buyers pursuant to the QIP in a meeting of a special committee of the board of directors to be held on or after 8 September, company said in an exchange filing.
In a recent shuffling last week, India Index Services and Products Ltd (IISL) which is an arm of the National Stock Exchange (NSE) announced as part of its periodic review that Bajaj Finance along with Hindustan Petroleum Corporation Ltd, and UPL Ltd would be included in Nifty index with effect from 29 September 2017. Following this, the scrips of ACC, Bank of Baroda, Tata Power and Tata Motors DVR will be removed from the broader Indian benchmark index Nifty 50.
Bajaj Finance Limited is a subsidiary of Bajaj Finserv, which is a non-banking financial company. The financial services company deals in consumer finance, SME and commercial lending, and wealth management.