Bajaj Finance, a leading Non-Banking Financial Company (NBFC), opened trading on November 7 with a 0.5 percent gain after announcing its Qualified Institutional Placement (QIP) plans and setting the floor price for the issuance of funds. By 9:41 am, the stock was trading at Rs 7,600.75.
According to an official filing with the stock exchanges, Bajaj Finance disclosed that the floor price for the QIP has been fixed at Rs 7,533.81 per share. The company also indicated its intention to offer a discount of up to 5 percent on the floor price. Earlier reports from CNBC-TV18, citing reliable sources, suggested that Bajaj Finance aims to raise up to Rs 8,800 crore through the QIP. The indicative price for this fundraise is anticipated to be at a 4 percent discount to the current market price.
In a recently released company update, Bajaj Finance revealed significant growth in its lending activities. During the quarter ending September 2023, the company recorded a remarkable 26 percent increase in new loans booked, reaching 85.3 lakh compared to the previous fiscal period. Additionally, Bajaj Finance’s financial performance for Q2FY24 exhibited impressive results, with a 27.8 percent rise in net profit, reaching Rs 3,550 crore as compared to Rs 2,781 crore in the previous fiscal. The net interest income (NII) for the same period also experienced substantial growth, surging by 26.4 percent to Rs 8,841 crore.
As of 1:27 pm, Bajaj Finance’s shares were trading 1.18 percent lower at ₹7,473.10, reflecting market fluctuations and investor reactions to the recent developments.
