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Bajaj Finance launches qualified institutional placement of Rs 8,500 crore

JM Financial, Axis Capital, Kotak Mahindra Capital, Morgan Stanley, and Nomura are advising the company on the share sale.

Sundar Sethuraman  |  Mumbai 

Law enforcement agencies between March 10 and May 19 seized ~839.03 crore in cash, liquor worth ~294.41 crore, and drugs worth Rs 1,270.37 crore.

on Monday launched its Rs 8,500-crore qualified institutional placement (QIP). The shares will be offered in the range between Rs 3,860 and Rs 3,900 apiece. The share sale will help expand its lending at a time when non-banking finance (NBFCs) sector is plagued by a liquidity crisis.

The shares of ended Monday's session at Rs 4,116. The offer price is at a discount of 5.2 to 6.2 per cent to the closing price on Monday.

The share price of Bajaj Finance rose 55 per cent since the beginning of 2019, while the benchmark Sensex rose 11.8 per cent during the same period. In 2019, eight have raised Rs 22,312 crore through QIPs, against 25 that had raised Rs 16,587 crore in the previous year.

JM Financial, Axis Capital, Kotak Mahindra Capital, Morgan Stanley, and Nomura are advising the company on the share sale. The QIP would make valuation reasonable with the rise in book value.

First Published: Tue, November 05 2019. 01:43 IST
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