Bajaj Finance dips after setting QIP issue price

Shares of Bajaj Finance have declined 0.5% to Rs 4,442 on the National Stock Exchange (NSE) after special committee approved the issue price of qualified institutional placement at Rs 4,275 per share, at a discount to the ruling price as well as to the floor price of the issue.

Bajaj Finance said that in respect of the qualified institutional placement (QIP), the special committee of the company at its meeting held yesterday, 8 June 2015, has approved and declared the closure of the QIP on 8 June 2015.

The board has also approved the issue price of Rs 4,275 per share (which is at a discount of Rs 132.34 per share or 3% to the floor price of Rs 4,407.34 per share) for the shares to be allotted to eligible qualified institutional buyers in the QIP. The board approved the issuance of up to 32.74 lakh shares at the aforesaid issue price for the QIP, which aggregates to approx. Rs 1400 crore.

The issue price of qualified institutional placement of Rs 4,275 per share, was at a discount of 3.24% to ruling price of Rs 4,418.60/share.

The stock opened at Rs 4,413 and touched a high of Rs 4,465. At 1PM, over 9,577 shares were traded on the NSE.