Bajaj Finance successful closure of a Qualified Institutions Placement (QIP) of equity shares.
- They have recently completed a Qualified Institutions Placement (QIP) of equity shares. This is a way for the company to raise funds by issuing shares to qualified institutional buyers.
- The QIP raised approximately ₹8,800 crore by issuing over 1.21 crore Equity Shares at an issue price of ₹7,270 per Equity Share.
- Some key highlights of this QIP:
- It is the largest QIP ever conducted by a Non-Banking Finance Company in India.
- The company received substantial participation from various entities, including sovereign wealth funds, foreign long-only funds, large domestic mutual funds, and insurance companies.
- The capital raised through this process will support the company’s growth in the coming years.
- The entire QIP process was completed within 37 days, starting from the approval by the Board on October 5, 2023, and ending with the receipt of trading approval on November 10, 2023.
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