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Bajaj Finance in talks with 4 investment banks to raise $800mn
September 25, 2023
Bajaj Finance is aiming to raise $800 million to $1 billion via QIP or preferential issue route and has shortlisted four investment banks for it, Moneycontrol reported on Monday, citing sources.
The four investment banks on the list are JM Financial, Citi, Morgan Stanley, and BofA Securities. The final decision for the fundraising is likely to be taken in the upcoming board meeting on October 5. The funds are likely to be used to improve the company’s balance sheet and for growth capital, the report added.
Earlier this month, Bajaj Finance announced that it will likely discuss fundraising through various methods in its upcoming board meeting.
In an exchange filing, it said, “Pursuant to Regulation 29(1)(d) of the SEBI Listing Regulations, we wish to inform you that a Meeting of the Board of Directors of Bajaj Finance Limited will be held on Thursday, October 5 2023 to consider, inter alia, proposal for raising of funds through any or all of various methods including by way of preferential issue, qualified institutions placement, subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the company.”
In September 2019, Bajaj Finance raised ₹8,500 crore via the QIP route, and the issue was subscribed five times. The deal saw participation from several companies, including Blackrock and GIC of Singapore.
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