Bajaj Housing Fin board to meet on Apr 24 to discuss listing requirement

The board of Bajaj Housing Finance will meet on April 24, 2024, to discuss listing the company on the exchanges to meet the Reserve Bank of India's requirements for an upper-layer non-banking finance company (NBFC).

"For the company to comply with the regulatory timelines stipulated under the regulations applicable to companies classified as NBFC - Upper Layer, the Board of Directors of the Company will undertake discussions concerning the mandatory listing requirement, including considering various options based on the prevailing market conditions, at its meeting scheduled on April 24, 2024," the company informed the exchanges.

Bajaj Housing Finance is a 100 per cent subsidiary of Bajaj Finance.

In September 2022, the RBI released a list of upper-layer NBFCs. Upper-layer NBFCs are those with Rs 50,000 crore of assets under management.

According to RBI norms, Bajaj Finance was required to be listed on the exchanges by September 2025.

"Accordingly, under the applicable regulatory framework, the company is required to be mandatorily listed on or before September 30, 2025," the company said.

Recently, Bajaj Finance invested nearly Rs 2,000 crore by subscribing to a Rights Issue in Bajaj Housing Finance.

At the end of the fourth quarter of the financial year 2024 (Q4 FY24), Bajaj Finance's Assets Under Management (AUM) increased by 34 per cent year-on-year (YoY) to approximately Rs 3,30,400 crore as compared to Rs 2,47,379 crore in the year-ago period.

The company's deposits grew by 35 per cent YoY to nearly Rs 60,100 crore, while new loans booked by the company during the quarter rose by 7 per cent YoY to 7.87 million in comparison to 7.56 million in the fourth quarter of FY23.

The company also noted that the new loans booked during the quarter were affected on account of restrictions imposed by the RBI on sanctioning and disbursing loans under 'eCOM' and 'Insta EMI Card', citing regulatory deficiencies.

The consolidated net liquidity surplus for the quarter under review was approximately Rs 15,700 crore at the end of March 31, 2024.