Bajaj Finance Ltd. on Tuesday launched an institutional share sale, aiming to raise up to Rs 4,500 crore, bankers aware of the development told BloombergQuint.
The non-banking finance company is selling up to 26.6 million shares at Rs 1,690 apiece, Bloomberg reported citing the terms of sale. It's a 5.8 percent discount to the last closing price of Rs 1,794.4 on the NSE.
The company is diluting up to 4.8 percent of existing share capital. Following the share sale, promoters' holding would come down to 55.3 percent.
Kotak Mahindra Capital, JM Financial and Goldman Sachs are the book running managers for the offer, which has a lock-in period of up to 90 days.
The board had in July approved raising up to Rs 4,500 crore through the qualified institutional placement route. The company had reported a 42 percent jump in net profit led by strong growth in its core business in the quarter ended June.
Also Read: Bajaj Finance To Buy 11% Stake In MobiKwik For Rs 225 Crore
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