For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Bajaj plans to raise 750 crore via QIP & warrants

|

Bajaj plans to raise 750 crore via QIP & warrants
Bajaj Finserv: Quotes, News
BSE 18528.45BSE Quote9.1 (0.05%)
NSE 18526.00NSE Quote22.15 (0.12%)
Bajaj Finance, the non-banking finance company (NBFC), expects to launch a share sale to qualified institutions to raise as much as Rs 360 crore in September quarter.

The information was given by its chief executive officer, reported Reuters on Wednesday. The NBFC will raise close to Rs 750 crore through issue of 60 lac warrants on preferential basis to its promoters, Bajaj Finserv at an issue price of Rs 651/- per warrant, which is above the minimum price computed in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009.

 

Bajaj Finance provides loans for two-wheelers, consumer durables and construction equipment. The funds will be used to support growth and improving its capital base.

JM Financial and IIFL Capital are the managers to the issue.

The company posted the highest-ever quarterly net profit for the quarter ended June 30, 2011 at 94 per cent year-on-year growth to Rs 91 crore on the back of robust loan book growth. Its net profit during the same period last year stood at Rs 47 crore.

The company"s total income for the quarter surged 52% to Rs 452 crore from Rs 297 crore reported last year.

Its net interest income rose 38% year-on-year to Rs 310 crore indicating that it had passed on the higher cost of borrowings to its customers.

Bajaj Finance was trading at 708.65 on BSE at 1:05 p.m IST counting its board approval to issue 60 lac warrants on a preferential basis to its promoter, Bajaj Finserv.

OneIndia Money

Read more about: shares bse bajaj warrants
Story first published: Thursday, July 14, 2011, 14:09 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X