Shares of Bajaj Finance are trading with gains after the company's board approved fund raising plan through a QIP issue.
The scrip rose 2.42% to Rs 3,447.20. The stock has traded in the range of Rs 3,417.70 and Rs 3,400 so far during the day. On the BSE, 7237 shares were traded in the counter so far compared with average daily volumes of 0.74 lakh shares in the past two weeks.
Bajaj Finance said its board of directors approved raising of capital through a Qualified Institutions Placement (QIP) for an aggregate amount not exceeding Rs 8500 crore by issue of equity shares and/or eligible securities. The announcement was made after market hours yesterday, 17 September 2019.
On a consolidated basis, the NBFC's net profit rose 43% to Rs 1195.25 crore on a 47.5% increase in the net sales to Rs 5808.29 crore in Q1 June 2019 over Q1 June 2018.
Bajaj Finance, a subsidiary of Bajaj Finserv, is an non-banking financial company (NBFC). The company deals in consumer finance, SMEs (small and medium-sized enterprises) and commercial lending, and wealth management.
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