Bajaj Finserv: Quotes, News

BSE 1640.657.1 (-0.43%)

NSE 1640.706.3 (-0.38%)

The information was given by its chief executive officer, reported Reuters on Wednesday. The NBFC will raise close to Rs 750 crore through issue of 60 lac warrants on preferential basis to its promoters, Bajaj Finserv at an issue price of Rs 651/- per warrant, which is above the minimum price computed in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009.

Bajaj Finance provides loans for two-wheelers, consumer durables and construction equipment. The funds will be used to support growth and improving its capital base.

JM Financial and IIFL Capital are the managers to the issue.

The company posted the highest-ever quarterly net profit for the quarter ended June 30, 2011 at 94 per cent year-on-year growth to Rs 91 crore on the back of robust loan book growth. Its net profit during the same period last year stood at Rs 47 crore.

The company"s total income for the quarter surged 52% to Rs 452 crore from Rs 297 crore reported last year.

Its net interest income rose 38% year-on-year to Rs 310 crore indicating that it had passed on the higher cost of borrowings to its customers.

Bajaj Finance was trading at 708.65 on BSE at 1:05 p.m IST counting its board approval to issue 60 lac warrants on a preferential basis to its promoter, Bajaj Finserv.

OneIndia Money