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Bajaj Finance board approves ₹11,700 crore QIP to strengthen capital
The company also approved ₹5,800 crore in preferential warrants to Bajaj Finserv, with both transactions totaling up to ₹17,500 crore subject to regulatory and shareholder approvals.
Bajaj Finance said its board has approved a fundraise comprising up to ₹11,700 crore through a Qualified Institutions Placement, using equity shares with a face value of Re. 1 each.
The NBFC also cleared a preferential warrant issue of ₹5,800 crore to its promoter and holding company, Bajaj Finserv, with the two proposals together amounting to as much as ₹17,500 crore.
Bajaj Finance said the transactions were approved after the boards of both companies met on October 1, and they remain subject to applicable regulatory and statutory approvals, including shareholder approval.
To seek approval, Bajaj Finance said it will place the QIP and preferential warrant issue before shareholders through an Extra Ordinary General Meeting.