With its latest Rs 10,000 crore fundraise, the NBFC plans to get into new businesses and grow faster than it ever has.
Bajaj Finance is raising money. A lot of it, going by its announcement earlier this month.
It plans to do this by way of a qualified institutional placement of shares—to raise around Rs 8,800 crore—and a preferential issue—for the remaining Rs 1,200 crore—to its parent, Bajaj Finserv. The target for wrapping up the fundraise is January 2024.
Now, why would a company that is already India’s largest non-banking financial company by loan book size and more than adequately capitalized need so much money? Especially when it has been raising capital at regular intervals, the last one being a Rs 8,500 …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi