Bajaj Corp plans to raise Rs 1,000 cr through QIP

FMCG firm Bajaj Corp is seeking shareholders' nod to raise Rs 1,000 crore by issuing equity shares to institutional buyers through QIP.
The company would consider the proposal to raise the sum at its Annual General Meeting to be held on July 20, 2015, Bajaj Corp said in a filing to National Stock Exchange today.
It further said equity shares and/or securities would be issued, offered in one or more tranches through Qualified Institutional Placements to Qualified Institutional Buyers, Global Depository Receipts, American Depository Receipts.
It added "price of the securities shall be determined at a later stage, exact number of securities to be issued shall also be crystalised later".

The company had last year in its AGM had received shareholders at its AGM held on August 1, 2014 for Rs 1,000 crore.
However, it was "valid for period of 12 months from date of passing special resolution i.E upto July 31, 2015. Since the validity of the special resolution is up to the date of 9th AGM and to enable the company to raise" it needs a fresh approval.

Along with that the company would also consider to issue an interim divided of Rs 11.50 per share having a face value of Rs one.
It would also consider reappointment of its Managing Director Sumit Malhotra in the board, who is retiring on rotation.

Shares of the Bajaj Corp today settled at Rs 432.80 on NSE, down 0.14 per cent from its previous close.