Bajaj Finance strengthens after raising funds

Bajaj Finance rose 1.59% to Rs 899 at 11:00 IST on BSE after the company raised Rs 105 crore by allotting 1,050 unsecured subordinated, tier II, redeemable, non-convertible debentures.

The announcement was made on Saturday, 3 December 2016.

Meanwhile, the S&P BSE Sensex was down 27.35 points or 0.1% at 26,203.31.

On the BSE, 37,235 shares were traded so far in the counter as against average daily volume of 1.27 lakh shares in the past one quarter. The stock hit a high of Rs 902.50 and a low of Rs 885.10 so far during the day. The stock had hit a record high of Rs 1,180 on 8 September 2016. The stock had hit a 52-week low of Rs 535 on 19 January 2016.

The stock had underperformed the market over the past one month till 2 December 2016, falling 13.39% compared with Sensex's 4.71% fall. The scrip had also underperformed the market in past one quarter, declining 20.54% as against Sensex's 8.07% drop.

The large-cap company has equity capital of Rs 109.59 crore. Face value per share is Rs 2.

Bajaj Finance announced that the debenture allotment committee of the company at a meeting held on 2 December 2016, allotted 1,050 unsecured subordinated, tier II, redeemable, non-convertible debentures aggregating Rs 105 crore, on private placement basis.

Bajaj Finance's net profit rose 45.9% to Rs 407.76 crore on 39.1% growth in total income to Rs 2365.98 crore in Q2 September 2016 over Q2 September 2015.

Bajaj Finance is a diversified non-banking financial company.

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