Bajaj Finance raises Rs 385 crore through NCDs

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Published: November 15, 2019 1:08:40 AM

Bajaj Finance on Thursday indicated it has raised Rs. 385 crore through secured redeemable non-convertible debentures (NCD) via private placement.

On Thursday, Bajaj Finance closed up 1.65% at Rs. 4,211.95 on the BSE.

Bajaj Finance on Thursday indicated it has raised Rs. 385 crore through secured redeemable non-convertible debentures (NCD) via private placement.

The NCDs have two options with tenors of 1092 days and 1852 days and coupon rates of 7.35% and 7.66% respectively. The instruments have been rated ‘CRISIL AAA/ Stable’ by the ratings agency Crisil, the firm said in an exchange filing.

Bajaj Finance had recently raised Rs. 8,500 crore through qualified institutional placement (QIP) by issuing over 2.17 crore equity shares at an issue price of Rs. 3,900 per share. The firm said the capital raise will support the growth of the company over the next few years. The issue witnessed participation from marquee sovereign wealth funds, pension funds, foreign long only funds, and large domestic mutual funds. Bajaj Finance’s capital adequacy ratio stood at 19.68%, while its tier-I capital stood at 15.86% as on September 30.

The firm had reported a 63% rise in its consolidated net profit at Rs. 1,506 crore. On Thursday, Bajaj Finance closed up 1.65% at Rs. 4,211.95 on the BSE.

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