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 Launch of QIP and Setting of the Floor Price for the Rs 8,800 crore Fundraise Boost the Stock of Bajaj Finance

On November 7, after the NBFC notified the stock markets that it has started a Qualified Institutional Placement (QIP) and set the floor price for the offering to raise cash, shares of Bajaj Finance saw a 0.5% increase at opening. The stock was trading at Rs 7,600.75 at 9:41 a.m.

Bajaj Finance stated in an exchange filing that the QIP’s floor price is Rs 7,533.81 per share. Additionally, the corporation stated that it might lower the floor price by up to 5%. According to reports cited by CNBC-TV18 earlier, Bajaj Finance is anticipated to raise up to Rs 8,800 crore through QIP.

Bajaj Finance stated in a recently released corporate update that, in comparison to the previous fiscal year, the number of new loans booked during the quarter ending in September 2023 increased by 26% to 85.3 lakh. Bajaj Finance’s net profit increased by 27.8% to Rs 3,550 crore in Q2FY24 from Rs 2,781 crore in the previous fiscal year. During the same period, net interest income (NII) increased to Rs 8,841 crore, up 26.4%.

One of the most diversified NBFCs in the Indian industry, Bajaj Finance is the loan and investment division of Bajaj Finserv Limited and serves over 50 million clients. It takes great satisfaction in having the best credit rating of any NBFC in the nation right now—FAAA / Stable.

Read More: https://cioworldindia.com/

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