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Bajaj Finance (BFL), on Tuesday, said its board of directors has approved raising of capital through a qualified institutional placement (QIP) for an aggregate amount not exceeding ₹8,500 crore by issue of equity shares and/or eligible securities.
Further, for the purpose of giving effect to the fund-raising decision, the board of directors has also authorised a special committee of the board to decide the terms and conditions of the proposed QIP, and an allotment committee for allotment of equity shares and/or eligible securities, pursuant to the QIP, the non-banking finance company said in a stock exchange notice. BFL said it will be seeking shareholders’ approval for the proposed QIP through postal ballot.
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