NEW DELHI: The board of directors of Bajaj Finance has approved raising Rs 10,000 crore through a combination of qualified institutional placement (QIP) and issuance of preference shares.
The company in an exchange filing said that it will raise an amount of Rs 8,800 crore by issuance of equity shares of face value of Rs 2 each to institutional investors. The company will raise another `1,200 crore by issuing preferential warrants up to 15,50,000 convertible into an equivalent number of equity shares to promoter Bajaj Finserv Limited.
The company will be seeking approval of the shareholders for the proposed QIP and preferential issuance by convening an extra ordinary general meeting. Bajaj Finance is a deposit taking Non-Banking Finance Corporation (NBFC), which is a subsidiary of Bajaj Finserv.