Bajaj Finance looks to raise up to ₹8,500 crore via QIP
Consumer lending firm Bajaj Finance Ltd on Monday will raise funds through a qualified institutional placement (QIP) at a floor price of ₹4,019.78 per share.
QIP is a capital-raising tool, through which listed companies can sell shares, fully and partly convertible debentures, or any securities, other than warrants that are convertible into stocks, to a qualified institutional buyer.
The company intends to use the net proceeds of the issue to augment the long-term resources for meeting funding requirements for the company’s business activities and general corporate purposes and other purpose as per our company’s growth strategy and to meet the capital adequacy norms laid down by the Reserve Bank of India.
Investment banks JM Financial, Axis Capital, Kotak Mahindra Capital, Morgan Stanley and Nomura are advising the company on the share sale.
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