Bajaj Finance issues 5.74 crore warrants to promoter for Rs 5,799 crore
AgenciesA special committee of the board of directors of the company has approved the issue of 5,74,25,740 warrants to the promoter, at an issue price of Rs 1,010 per Warrant, for an amount aggregating to Rs 5,799.9 in accordance with Chapter V of the Securities and Exchange Board of India, Bajaj Finance said in a regulatory filing.
"Each of the warrants is convertible into an equivalent number of equity shares, which are pari-passu with the fully paid-up equity shares of the company," it said.
On issue, a minimum of 25 per cent of the consideration should be payable on the date of allotment and the balance 75 per cent would be payable at the time of allotment of equity shares pursuant to the exercise of options against the warrants, in accordance with the SEBI ICDR Regulations, it said.