Bajaj Finance’s share price witnessed a flat trading session as the stock is up by only 0.80% following the company’s update on EGM on October 31st for issuance of warrants on a preferential basis to Bajaj Finserv.
Bajaj Finance Ltd. is gearing up for a significant financial move, with an extraordinary general meeting scheduled on October 31st. The company is seeking shareholder approval for a substantial fundraising endeavor amounting to up to Rs 10,000 crore. The proposed funds will be raised through a strategic combination of preferential issues and qualified institutional placements (QIP).
In a recent board meeting, Bajaj Finance’s board greenlit the ambitious proposals, aiming to secure up to Rs 8,800 crore through QIP. Additionally, the company plans to raise up to Rs 1,200 crore through the preferential issue of warrants. The strategic financial maneuver indicates Bajaj Finance’s proactive approach to bolster its capital base, enabling it to explore new avenues and fortify its position in the competitive financial landscape. All eyes are now on the upcoming extraordinary general meeting where shareholders will have their say on this substantial fundraising initiative.
