Bajaj Finance To Consider Up To $1 Billion Fundraise Proposal Today, Shares Rise

Bajaj Finance shares remained in focus on Thursday as the non-bank financial company will consider, inter alia, a proposal for raising funds through any or all of various methods including by way of preferential issue, and qualified institutions placement. In an exchange filing on September 22, 2023, the company said, " A Meeting of the Board of Directors (the "Board") of Bajaj Finance Limited (the "Company") will be held on Thursday, 5 October 2023 to consider, inter alia, proposal for raising of funds through any or all of various methods including by way of preferential issue, qualified institutions placement, subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the Company. "

In today's pre-open trade, shares of Bajaj Finance Limited traded 0.71% higher at Rs 7910 per share at 9:07 am IST.

The stock has a 52 Wk High and 52 Wk low of 8,040.55 and 5,487.25 respectively.

Last month the company informed BSE that its Board Meeting will be held on October 17, 2023 to consider financial statements for the period ended September 2023 Financial results.

One must note that earlier in September, the company raised Rs 1,195 crore by issuing 7.85% per annum secured redeemable Non-Convertible Debentures (NCDs).

In the last six months, the stock has risen almost over 30%.

In Q1FY24, the company reported a 32% Year-on-Year (YoY) growth in consolidated profit at Rs 3,437 crore. Its net interest income (NII) also rose 26% YoY to Rs 8,398 crore. During this period, Bajaj Finance also saw the highest-ever quarterly AUM growth of Rs 22,718 crore.