Bajaj Finance allots ₹5,800 crore warrants to Bajaj Finserv; looks to raise another ₹11,700 crore via QIP
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Shares of Bajaj Finance rose over 2% in intraday trade on Wednesday after the non-banking financial company (NBFC) informed stock exchanges that its board committee had approved the allotment of 5.74 crore warrants to its promoter and holding company, Bajaj Finserv, for nearly ₹5,800 crore. The warrants have been allotted at an issue price of ₹1,010 apiece, the company said in an exchange filing on November 10.
Separately, Bajaj Finance is looking to raise another ₹11,700 crore through a qualified institutional placement (QIP), as part of its broader ₹17,500-crore fundraising programme. The proposed capital raise is aimed at strengthening the company's capital base and supporting its next phase of business expansion.
Reacting to the announcement, shares of Bajaj Finance rose as much as 2.1% to ₹1,087.75 on the BSE. However, the stock pared most of its early gains and was trading 0.2% higher at ₹1,067.10 at the time of reporting, with a market capitalisation of around ₹6.64 lakh crore.
The company's PI 2026-Special Committee of the Board of Directors approved the preferential allotment of 5,74,25,740 warrants to Bajaj Finserv. The warrants are convertible into an equivalent number of equity shares of face value ₹1 each.
"The PI 2026-Special Committee of the Board of Directors of the Company at its meeting held today, i.e. 10 November 2026, has approved the issue of 5,74,25,740 Warrants to the Promoter, at an issue price of ₹1,010 per Warrant, for an amount aggregating to ₹57,99,99,97,400," the company said in the filing.
Under the terms of the issue, Bajaj Finserv will pay at least 25% of the consideration at the time of allotment, while the remaining 75% will be payable when it exercises the warrants and receives the corresponding equity shares.
Each warrant is convertible into one equity share, which will rank pari passu with the company's existing fully paid-up equity shares.
Following the allotment and assuming full conversion of the warrants, along with the impact of employee stock options (ESOPs), Bajaj Finserv's shareholding in Bajaj Finance is expected to stand at 51.23% on a diluted basis, compared with 51.30% before the preferential issue, according to the filing.
Eyes to raise ₹17,500-crore via QIP
The warrant allotment is part of Bajaj Finance's ₹17,500-crore capital-raising programme approved by its board on October 1, 2026. The plan comprises raising up to ₹11,700 crore through a qualified institutional placement (QIP) and up to ₹5,800 crore through a preferential issue of warrants to Bajaj Finserv.
The fundraising programme marks Bajaj Finance's first equity capital raise since November 2023, when it raised ₹10,000 crore through a combination of a QIP and warrants.
Under the proposed QIP, the company plans to issue equity shares of face value ₹1 each to qualified institutional buyers in accordance with the Securities and Exchange Board of India's (SEBI) Issue of Capital and Disclosure Requirements Regulations, 2018, it said in the exchange filing on October 1.
The proposed capital raise is aimed at strengthening the company's capital base and supporting its business growth. Both the QIP and preferential issue were part of the proposals approved by the board in October, subject to applicable regulatory and shareholder approvals.
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