Bajaj Finance to raise up to ₹17,500 crore through QIP, warrants
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Bajaj Finance’s board has approved a plan to raise up to ₹17,500 crore through a combination of a qualified institutional placement (QIP) and a preferential issue of warrants. The proposals remain subject to regulatory approvals, including required shareholder approval at the EGM. The proposed fundraise comprises up to ₹11,700 crore through a QIP and up to ₹5,800 crore through a preferential issue of warrants.
Under the QIP, Bajaj Finance will issue equity shares with a face value of Re. 1 each to qualified institutional buyers. The company said the QIP will be carried out under Chapter VI of the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations, 2018, and the Companies Act, 2013.
Warrant issue and financial details
The company has also approved a “Preferential issue (“PI”) of warrants convertible into an equivalent number of Equity Shares” for an aggregate amount not exceeding ₹5,800 crore. The issue price will be determined at a later stage in accordance with applicable law. At least 25% of the consideration will be payable on the date of allotment, while the remaining 75% will be payable when equity shares are allotted following exercise of the warrants.
Each warrant will be convertible into an equivalent number of equity shares, which will rank pari passu with Bajaj Finance’s fully paid-up equity shares. If the warrants are not exercised within 18 months from allotment, or within another period permitted under SEBI regulations, “the consideration amount payable shall stand forfeited by the Company.”
Bajaj Finance will seek shareholder approval for both proposals through an extraordinary general meeting.
At the end of June 2026, Bajaj Finance’s consolidated assets under management rose 24% year-on-year to ₹5.47 lakh crore from ₹4.41 lakh crore. It added ₹36,969 crore to AUM during the quarter. Consolidated net profit rose 27% year-on-year to ₹5,986 crore from ₹4,700 crore a year earlier, while its capital adequacy ratio stood at 21% as of June 30, 2026.
The proposed ₹17,500-crore raise is the company’s first equity capital raise since November 2023, when it raised ₹10,000 crore through a combination of a QIP and warrants.