 "Bajaj Finance surges 9% in two days after QIP launch")
Bajaj Finance hit a new high of Rs 1,950, up 5%, extending its previous day’s 4% gain on the BSE, after the company launched a qualified institutional placement (QIP) offering up to Rs 4,500 crore from institutional investors.
Bajaj Finance on Tuesdayin a regulatory filing said that the company may offer a discount of not more than 5% on the floor price of Rs 1,771.90 calculated for the QIP.
A meeting of the Special Committee of the board of directors of the company will be held on or after September 8, 2017 to consider and approve the issue price including a discount, if any, for the equity shares to be allotted to qualified institutional buyers pursuant to the QIP, it added.
As per placement document, 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.
At 02:37 PM; the stock was trading 4.4% higher at Rs 1,939 on BSE, as compared to 0.08% decline in the S&P BSE Sensex. A combined 3.25 million shares changed hands on the counter on BSE and NSE so far.
Bajaj Finance on Tuesdayin a regulatory filing said that the company may offer a discount of not more than 5% on the floor price of Rs 1,771.90 calculated for the QIP.
A meeting of the Special Committee of the board of directors of the company will be held on or after September 8, 2017 to consider and approve the issue price including a discount, if any, for the equity shares to be allotted to qualified institutional buyers pursuant to the QIP, it added.
As per placement document, 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.
At 02:37 PM; the stock was trading 4.4% higher at Rs 1,939 on BSE, as compared to 0.08% decline in the S&P BSE Sensex. A combined 3.25 million shares changed hands on the counter on BSE and NSE so far.
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