Bajaj Finance has opened a qualified institutions placement of up to Rs 11,700 crore at a floor price of Rs 992.25 per share, about 8% below its recent closing price, according to Business Today.
The use of proceeds is telling. The company says the money will go toward repaying deposits, loans, commercial papers, debentures and interest, which shows how much a lender’s growth depends on steady, affordable funding.
The structure has two parts. Institutions buy shares in the QIP at a discount of up to 5% to the floor price, and the promoter Bajaj Finserv is to be issued warrants at Rs 1,010, which can later convert into shares.
This is information about a share sale and not investment advice.
The final issue price is to be set by the company together with the book-running lead managers.
The lead managers named in the report are Kotak Mahindra Bank, JPMorgan, IIFL Capital Services, JM Financial, Axis Capital and Morgan Stanley.
Shareholders approved the raise through a special resolution dated November 2, 2026, according to Business Today.
The company said proceeds would be used for repayment of deposits, loans, commercial papers, non-convertible debentures and interest payments, according to Business Today.
Another report says the QIP is part of a broader capital-raising plan approved by the board on October 1, 2026, according to a search summary of Zeebiz coverage.
Business Today reports that the board approved the allotment of 5,74,25,740 warrants to Bajaj Finserv at Rs 1,010 per warrant, each convertible into one equity share of face value Re 1.
Warrants are instruments that give the holder the right to convert into shares later, and the warrant issue is separate from the QIP.
Reports put the warrant component at about Rs 5,800 crore, and a Bloomberg-sourced report put the overall plan at Rs 17,500 crore, according to search summaries.
Indian currency notes (representative image), Wikimedia Commons, CC BY-SA 4.0