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Business

Board meets Oct. 5 to consider fundraising

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Bajaj Finance shares will be in focus on Monday, September 25 after the company informed stock exchanges that it will hold a board meeting on October 5 to consider raising funds.

Raising capital could be considered by various methods, including by way of preferential issuance, QIP or other similar methods subject to regulatory approvals.

Earlier this month, the company had raised Rs 1,195 crore through allotment of redeemable non-convertible debentures (NCDs) secured at 7.85 per cent per annum. It had also collected nearly Rs 1,700 crore through NCDs in May.

For the June quarter, new loans recorded by Bajaj Finance were the highest ever. Asset quality improved with gross NPA at 0.87 percent from 0.94 percent in March, while net NPA improved to 0.31 percent from 0.34 percent sequentially.

The brokerage said their bullish stance is driven by the company’s focus on diversification, proactively pushing for unguaranteed growth and keeping fiscal 2024 targets intact.

Shares of Bajaj Finance ended little changed on Friday at Rs 7,474.85. The stock is up 14 percent year to date.

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