Shares of Bajaj Finance move up on raising Rs 1,670.19 crore via NCDs
The company is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country.
By issuing 16,550 Secured Redeemable Non-Convertible Debentures (NCDs) with a face value of Rs 10 lakh each on a private placement basis, Bajaj Finance has raised Rs 1,670.19 crore. The purpose of this offering, including any green shoe options, is to increase the company's long-term resources. The money raised through this issuance will be put to use for the company's general business purposes, such as working capital and capital expenditure needs. It will also be used for various financing operations, the repayment of existing loans, investments for liquidity, and statutory requirements. At its meeting on May 23, 2023, the Company's Debenture Allotment Committee allocated the same.
Share price movement of Bajaj Finance Limited
Today, the stock opened at Rs 6,775, with a high and low of Rs 6,848 and Rs 6,740. Today, the shares closed at Rs 6,784.70, up by 0.09%. The stock has a 52-week high of Rs 7,777 and a 52-week low of Rs 5,235.60.
Bajaj Finance (BFL) is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI). It belongs to Bajaj Finserv as a subsidiary. The business of lending and accepting deposits is one that the corporation is involved in. The organisation has a sizable presence in both urban and rural India and has a diverse lending portfolio that includes lending to retail, SMEs, and commercial customers. It provides its customers with a variety of financial services products and takes public and corporate deposits. One of the major players in India's expanding consumer finance market, Bajaj Finance was the first to offer interest-free EMI financing solutions in a variety of product categories, including consumer durables, lifestyle goods, and groceries.
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