Bajaj Finance to launch share sale worth up to Rs 11,700 cr this week: Report

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The Bajaj Group lending firm has completed investor roadshows and could launch the so-called qualified institutions placement in the next day or two, the people said, asking not to be identified as the information is private.

Bajaj Finance is working with Kotak Mahindra Capital Co., Morgan Stanley, JPMorgan Chase & Co., IIFL Capital Services Ltd. and JM Financial Ltd. on the transaction, the people said.

Deliberations are ongoing and details including the size and timing of the offering could still change, the people said. A representative for JPMorgan declined to commetn. Representatives for Bajaj Finance and the other banks didn’t immediately respond to requests for comment.

The company’s board on Oct. 1 approved plans to raise as much as 175 billion rupees from a 117 billion-rupee QIP and 58 billion rupees from warrants. Bajaj Finance on Nov. 10 raised about 58 billion rupees by allotting 57.43 million warrants to its promoter and holding company, Bajaj Finserv Ltd., at 1,010 rupees apiece, according to an exchange filing.

India has been one of the world’s busiest markets for equity fundraising this year, with companies raising about $50.25 billion from equity offerings so far, compared with $58.78 billion for all of last year. Major transactions this year include Jio Platforms’ $3.1 billion IPO, National Stock Exchange of India Ltd.’s $2.4 billion listing and a $3.3 billion share sale by Life Insurance Corp. of India.

Bajaj Finance shares have gained nearly 13% over the past month, broadly in line with a 12.5% advance in the benchmark Nifty 50 Index.

IFR on Nov. 10 reported that Bajaj Finance plans to launch share sale as early as this week.