Business

Bajaj Finance announces closure of QIP totalling Rs 8,500 crore

ANI | November 13, 2019 10:49 AM
The company is one of the largest players in consumer finance segment

Mumbai (Maharashtra) [India], Nov 13 (ANI): Bajaj Finance Ltd has raised Rs 8,500 crore by issuing over 2.17 crore equity shares at an issue price of Rs 3,900 per equity share to qualified institutional buyers.

This was done through a qualified institutions placement (QIP) in terms of Securities and Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations.

"This is the largest QIP by a non-banking finance company in India," said Managing Director Rajeev Jain. "The company saw participation from marquee sovereign wealth funds, pension funds, foreign long-only funds and large domestic mutual funds."

Jain said this capital raise will support growth of the company over the next few years. The entire QIP process was completed in 52 days between September 17 and November 7.

Bajaj Finance, a subsidiary of Bajaj Finserv, is one of the largest players in burgeoning consumer finance segment and a pioneer in introducing interest-free EMI finance options in more than 50 categories, ranging from consumer durables to lifestyle products to groceries.

Apart from consumer finance, the company also has substantial business penetration in small and medium enterprises, commercial and rural lending. (ANI)

Have something to say? Post your comment
Must Read
Punjab Cabinet okays revision of river/canal water charges for non-agriculture purposes
Punjab Cabinet okays revision of river/canal water charges for non-agriculture purposes
Water supply and sanitation dept honoures 200 officials and employees for great services during Gurpurab celebrations
Water supply and sanitation dept honoures 200 officials and employees for great services during Gurpurab celebrations
Clean environment and sports are our priority: MP Chaudhary
Clean environment and sports are our priority: MP Chaudhary
 Playing D/N Test in India, a victory for world cricket: Rajeev Shukla
Playing D/N Test in India, a victory for world cricket: Rajeev Shukla
INX Media case: Court allows ED to quiz Chidambram on Nov 22-23
INX Media case: Court allows ED to quiz Chidambram on Nov 22-23
Time line to pay outstanding house tax or property tax extended by three months: Brham Mohindra
Time line to pay outstanding house tax or property tax extended by three months: Brham Mohindra
Centre's Financial Intelligence Unit extends support to Punjab Police to trace Foreign terror funding sources
Centre's Financial Intelligence Unit extends support to Punjab Police to trace Foreign terror funding sources
Bankers’ committee meet exposes Captain government’s claims over farm loan waiver: Kultar Singh Sandhwa
Bankers’ committee meet exposes Captain government’s claims over farm loan waiver: Kultar Singh Sandhwa
SC asks Army to take decision on granting permanent commission to 8 women officers
SC asks Army to take decision on granting permanent commission to 8 women officers
PM Modi condoles demise of UAE President's brother
PM Modi condoles demise of UAE President's brother
International Olympiad on Critical Life Skills on 14th & 15th December 2019
International Olympiad on Critical Life Skills on 14th & 15th December 2019
K'taka: Farmer finds unique, low-cost method to save crops from wild animals
K'taka: Farmer finds unique, low-cost method to save crops from wild animals