Bajaj Finance share price gains 2% on reports of QIP subscribing 5 times

Bajaj Finance

Shares of Bajaj Finance gained 2 percent intraday on November 5 after a report said that the consumer lending company’s QIP received a huge subscription from investors.

The stock has been one of biggest gainers among largecaps, showing a 76 percent rally in the last one year amid consistent earnings and strong business model. It was quoting at Rs 4,156.35, up Rs 40.40, or 0.98 percent, on the BSE at 1008 hours.

Qualified institutional placement (QIP) issue, launched on November 4, was subscribed five times, CNBC-TV18 quoted unnamed sources as saying.

A special committee of the board on November 4 approved raising of capital through a QIP for an aggregate amount not exceeding Rs 8,500 crore by issue of equity shares and/or eligible securities.

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“The relevant date for the purpose of the issue is November 4, 2019 and accordingly the floor price in respect of the aforesaid issue, based on the pricing formula is Rs 4,019.78 per equity share,” the company said in a BSE filing.

The meeting of special committee is to be held on November 7 to approve the issue price, including a discount, if any thereto, for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue.

QIP is a capital-raising tool, through which listed companies can sell shares, fully and partly convertible debentures, or any securities, other than warrants that are convertible into stocks, to a qualified institutional buyer.

News Source: moneycontrol

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