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Bajaj Finance had a market capitalization (m-cap) of Rs 103,196 crore, which was Rs 2,298 crore more than IndusInd Bank’s m-cap of Rs 100,898 crore, the BSE data shows.
The stock hit a record high of Rs 1,879, up 5% on BSE in intra-day trade, after the company said that it has launched a qualified institutional placement (QIP) offering up to Rs 4,500 crore from institutional investors. The company set the floor price at Rs 1,771.90 per share.
The company may offer a discount of not more than 5% on the floor price so calculated for the QIP, it added.
Bajaj Finance intend to use the net proceeds of the issue for augmenting the Tier I capital, as long-term resources for meeting funding requirements for business purposes, capital expenditure and for other general corporate purposes as per Company’s growth and business related plans from time to time and to meet the capital adequacy norms laid down by the Reserve Bank of India.
The market price of Bajaj Finance soared 124% from Rs 839, while IndusInd Bank was up 52% thus far in the calendar year 2017. On comparison, the S&P BSE Sensex rose 19% during the period.