BENGALURU, Oct 5 - Indian non-bank lender Bajaj Finance said on Thursday it will raise up to 100 billion rupees by issuing shares to institutional investors and warrants to its largest shareholder.
The plan comes as demand for loans surges and competition heats up in the sector with the entry of Jio Financial Services , carved out of billionaire Mukesh Ambani's Reliance Industries .Bajaj Finance will raise up to 88 billion rupees through a qualified institutional placement of shares, and another 12 billion rupees by issuing warrants convertible into shares to top shareholder Bajaj Finserv .
Bajaj Finserv's stake in the company could increase from 52.45% to 52.57% post the issue, Bajaj Finance said, adding that the issue price would be determined at a later stage. Bajaj Finance had last raised funds through a qualified institutional placement in 2019, raking in 85 billion rupees. The lender said on Wednesday that new loans booked during the second quarter grew 26%, while its assets under management increased about 33% to about 2.90 trillion rupees as of September-end.
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