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Bajaj Finance gains after setting floor price for QIP issue

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Bajaj Finance board has set floor price of Rs 4,019.80 per share for its qualified institutions placement of equity shares.

Bajaj Finance said that the special committee of the board has at its meeting held yesterday authorized the opening of the qualified institutions placement from 4 November 2019.

The company's special committee, based on the pricing formula as prescribed under Sebi Regulations, has recommended a floor price of Rs 4,019.78 per equity share. The company may offer such discount on the floor price as may be approved by the special committee.

In a separate announcement, Bajaj Finance said that a meeting of the special committee is scheduled to be held on 7 November 2019 to consider and approve the issue price, including a discount for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue. The announcements were made after market hours yesterday, 4 November 2019.

Shares of Bajaj Finance rose 1.19% to Rs 4,160. The stock has traded in the range of Rs 4,150 and Rs 4,200.05 so far during the day.

On the BSE, 12,739 shares were traded in the counter so far compared with average daily volumes of 72,673 shares in the past two weeks.

Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 05 2019. 09:20 IST