Bajaj Finance raises Rs 1,955 crore through medium term bonds

Bajaj Finance raised Rs 1,955 crore through two bonds against an indicative amount of up to Rs 8,700 crore.

It raised Rs 760 crore of term money through five-year bonds at 7.9 per cent coupon. The base issue size was Rs 350 crore, with greenshoe option of Rs 1,750 crore, bond dealers said.

It also raised Rs 1,195 crore through medium-term bonds that have 34-months and 14-days maturity at 8 per cent. The base size of issue was Rs 1,100 crore with greenshoe option of Rs 5,500 crore, they said.

Its mortgage lending arm, Bajaj Housing Finance, raised Rs 2,000 crore by reissuing paper with 35-month maturity at yield of 8.11 per cent. The base size was Rs 500 crore and greenshoe was Rs 2,000 crore.

Bond dealers said both entities came with paper with similar maturity. But the housing finance subsidiary offered higher yield (11 basis points more) so the investor interest was limited in the paper issued by the parent — Bajaj Finance. The amounts raised were higher than base size but lower than greenshoe options. All three instruments issued carry “AAA” rating from CRISIL.

Bajaj Finance’s consolidated net liquidity surplus stood at approximately Rs 11,850 crore as of March 31. The company’s liquidity position remains strong, according to a filing with the BSE.

Its deposit book expanded by 45 per cent year-on-year to about Rs 44,650 crore as of March 31, as compared to Rs 30,800 crore at the corresponding period last year.

Govt raises Rs 32,000 crore via T-bills

The government has raised Rs 32,000 crore through three treasury bills at an auction. It raised Rs 12,000 crore by issuing a 91-day bill at 6.73 per cent, another Rs 12,000 crore from a 182-day bill at 6.97 per cent, and Rs 8,000 crore via a 364-day bill at 7.01 per cent.

- Abhijit Lele