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Bajaj Finance Shares Trade Closer To Their All-Time High On QIP Launch

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On Tuesday, shares of Bajaj Finance jumped as much as 2.4 percent to Rs 4,210 on NSE following the launch of the NBFC's (non-banking finance company) QIP Issue.

Bajaj Finance Shares Trade Closer To Their All-Time High On QIP Launch
Bajaj Finance: Quotes, News
BSE 4211.95BSE Quote68.25 (1.62%)
NSE 4210.55NSE Quote66 (1.57%)
 

On Monday, the company launched its Rs 8,500 crore qualified institutional placement (QIP) where shares were offered at a floor price of Rs 4,019.78 per share, as per a BloombergQuint report.

While the floor price is at a 2.3 percent discount to the previous closing price, the company has scheduled a meeting on 7 November to approve the issue price to be allotted to the QIP buyers.

On Tuesday shares of Bajaj Finance saw their fourth consecutive session of gains and were trading closer to their all-time high of Rs 4,220 seen on 22 October 2019.

QIPs allow Indian listed company to raise capital without having to submit legal paperwork to market regulator SEBI, making it a quicker and cost-effective way to raise funds than depend on foreign capital resources.

At a time when NBFCs in India are facing liquidity crunch, the share sale will help Bajaj Finance expand its lending business.

JM Financial, Axis Capital, Kotak Mahindra Capital, Morgan Stanley, and Nomura are advising the company on the QIP issue.

Read more about: bajaj finance qip
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