Bajaj Finance had at its November 1 meeting approved the issue of 15,50,000 warrants to the promoter, at an issue price of Rs 7,670 per warrant, for an amount aggregating to Rs 1,188.85 crore
InCred Equities said Bajaj Finance plans to raise Rs 8,800 crore of equity to support its next phase of growth aided by new lending areas as well as penetration improving in current geographies.
Bajaj Finance shares declined even as the NBFC firm posted a strong performance in the September quarter. While Jefferies and CLSA reiterated their buy views on Bajaj Finance, domestic brokerage Motilal Oswal remains the most bullish in terms of targets among others. However, the chinks in its armour remain on the margins front, according to analysts.
The company also witnessed expansion in its customer franchise as of September 30, 2023, which stood at 76.56 MM as compared to 62.91 MM as of September 30, 2022. In Q2 FY24, the customer franchise increased by 3.58 MM.