As the private sector lender announced plans for a board meeting on October 5th to consider fundraising options, Bajaj Finance’s stock experienced strong demand on Monday.
Shares of Bajaj Finance increased after the non-banking financial business said that its board would meet on October 5 to discuss possible fundraising strategies, including the issue of preferential shares and a qualified institutional placement (QIP). The price of a share of Bajaj Finance stock increased by Rs 264.5, or 3.5%, to reach Rs 7,737, which is the highest level so far today.
The NBFC stock saw particularly brisk trading. The stock was up 3.4% at 9:35 am, trading on the exchange for Rs 7,727.3 per share. According to exchange data, 26,000 Bajaj Finance shares were traded on the BSE in total during the day, exceeding the 16,000 share daily average volume seen over the previous two weeks.
Bajaj Finance stated in a regulatory filing made public after market close on Friday that the financing effort would be subject to receiving shareholder and regulatory clearance. The company also disclosed that its trading window for dealing in its shares would be closed from September 22 to October 7 (inclusive).