16% up in a month! Bajaj Finance shares climb 3.4% on ₹11,700 crore QIP launch | Check floor price, discount, returns
Bajaj Finance shares surged as much as 3.48% in Thursday's trading session, after the non-banking financial company (NBFC) launched its ₹11,700 crore qualified institutional placement (QIP). The stock has witnessed strong buying interest, gaining around 16% over the past month.
Bajaj Finance share price opened at ₹1,078 apiece on NSE today and touched an intraday high of ₹1,118 on November 12.
Bajaj Finance launched its ₹11,700 crore QIP on November 11 to raise capital from eligible institutional investors. The company has set the floor price at ₹992.25 per equity share, in accordance with the pricing formula prescribed under the Securities and Exchange Board of India (SEBI) regulations.
The indicative issue price has been fixed at ₹1,025 per share, representing a discount of approximately 5% to the stock's previous closing price of ₹1,078.80 on the NSE.
The company has also received approval to offer a discount of up to 5% on the floor price, subject to applicable regulations and shareholder approval. The final issue price will be determined in consultation with the book-running lead managers.
The proposed QIP is part of Bajaj Finance's broader ₹17,500 crore fundraising plan, which also includes a ₹5,800 crore preferential issue of warrants to its promoter and holding company, Bajaj Finserv.
On November 10, Bajaj Finance allotted approximately 5.74 crore warrants to Bajaj Finserv at an issue price of ₹1,010 per warrant, aggregating nearly ₹5,800 crore.
The proceeds from the QIP will primarily be utilised to repay deposits, loans, commercial papers (CPs) and non-convertible debentures (NCDs), along with interest obligations. The remaining amount will be used for general corporate purposes.
The QIP could result in the issuance of up to 11.41 crore equity shares, leading to a potential dilution of up to 1.8% in the company's pre-issue paid-up equity capital.
Bajaj Finance shares have delivered strong returns across multiple time frames, gaining 4.21% over the past week and 16.48% in the last one month. The stock has also advanced 14.58% on a year-to-date (YTD) basis, reflecting sustained buying interest in the NBFC stock.
Over a longer investment horizon, Bajaj Finance shares have gained 10.05% in the past one year, while delivering returns of 49.53% over three years and 47.12% over five years.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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HomeMarketsStock Markets16% up in a month! Bajaj Finance shares climb 3.4% on ₹11,700 crore QIP launch | Check floor price, discount, returns
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