Bajaj Finance said in a filing on Thursday that a board meeting will be held on September 17, 2019, to consider, inter alia, a proposal for raising of funds by way of qualified institutions placement (QIP), subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the Company.
Shares of the company are up by 0.66% in opening trade, after the announcement was made post market hours yesterday.
The Trading Window for dealing in the securities of the Company will be closed from Friday, 6 September 2019 till Thursday, 19 September 2019 (both days inclusive) in terms of the Company's Code of Conduct framed pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, the company said in the filing.
Further, media reports said that the company has picked banks including Nomura Holdings Inc. and Kotak Mahindra Bank Ltd. to arrange a share sale of about $1bn. Selling shares will help Bajaj Finance to raise funds to expand lending as many of its peer’s grapple with a liquidity crunch, the media reports added.
Bajaj Finance Ltd is currently trading at Rs3,313 up by Rs21.6 or 0.66% from its previous closing of Rs3,291.40 on the BSE.
The scrip opened at Rs3,317.20 and has touched a high and low of Rs3,327.70 and Rs3,306 respectively. So far 2,86,121 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,90,866.38cr.
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