Bajaj Finance Ltd shares will be in focus on Tuesday morning after the NBFC announced a qualified institutional placement (QIP) at a floor price of Rs 7,533.81 per share in order to generate cash. Bajaj Finance had stated that it intends to raise Rs 10,000 crore through a combination of QIP and preferential share offering. It hoped to raise up to Rs 8,800 crore in capital through a QIP and a preferential issue of up to 15,50,000 warrants convertible into an equivalent number of equity shares to promoter Bajaj Finserv for a total of Rs 1,200 crore.
Earlier on November 1, Bajaj Finance announced that its committee had approved the issue of 15,50,000 warrants to the promoter at an issue price of Rs 7,670 per warrant for a total of Rs 1,188.85 crore in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
On Monday, Bajaj Finance told the Bombay Stock Exchange: "We further wish to inform you that the 'relevant date' for the purpose of the issue, in terms of Regulation 171(b) of the SEBI ICDR Regulations, is Monday, 6 November 2023 and accordingly the floor price in respect of the aforesaid issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 7,533.81 per equity share."
According to Regulation 176(1) of the SEBI ICDR Regulations, and in accordance with the approval of the company's members accorded through a special resolution on October 31, ajaj Finance may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue.
It stated that a meeting of the board of directors' QIP special committee is set for November 9 to examine and approve the issue price, including any discounts.