Stocks

Bharat Financial to raise ₹750 cr through qualified placement

Our Bureau Hyderabad | Updated on January 16, 2018 Published on September 23, 2016

Firm’s Capital Raising Committee to meet on Tuesday to consider and approve issue price

Bharat Financial Inclusion will be raising ₹750 crore via a qualified institutional placement (QIP).

The micro lender, formerly known as SKS Microfinance, had on Thursday filed with the bourses the preliminary placement document in this regard. The Capital Raising Committee of the board passed the resolution to authorise the opening of the offer on Thursday, the company said in a filing to the BSE. The floor price of the QIP offer has been set at ₹769.95 an equity share.

“The company may at its discretion offer a discount of up to 5 per cent on the floor price in the offer in accordance with applicable laws,” it said.

The CCB will meet on September 27, 2016, to consider and approve the issue price of the equity shares, the BSE was informed.

The shares of Bharat Financial gained 4.24 per cent on the BSE on Friday to close at ₹846.

Executive resigns

In the meanwhile, a long-standing top executive, S Dilli Raj, President of the company, who was on leave for two months, resigned from service effective September 21, 2016.

Dilli Raj was arrested by the Enforcement Directorate in August as part of its ongoing investigation into a complaint filed by IDBI Bank against First Leasing Company where he served prior to his assignment at Bharat Financial.

MR Rao, MD & CEO, Bharat Financial, who was additionally overseeing Dilli Raj’s functions during his absence, will continue to do the same, the firm said.

Published on September 23, 2016
null
This article is closed for comments.
Please Email the Editor