A QIP sells shares to institutional investors without a public offer.
Bajaj Finance is raising up to Rs 11,700 crore at a floor price of Rs 992.25.
The floor price is about 8% below the recent closing price.
The money will repay deposits, loans and other borrowings.
Existing shareholders’ holdings are diluted by new shares.
The floor price is Rs 992.25 per equity share, set under the pricing formula in the SEBI regulations, according to Business Today.
Business Today describes the floor price as an 8% discount to the closing price of Rs 1,078.80, and its own arithmetic works out to about 8.02%, so the figure is rounded.
The article calls Rs 1,078.80 Thursday’s closing price although it was published on Thursday morning, so the figure is more likely the Wednesday close, and the report does not say which.
Bajaj Finance said it may offer a discount of not more than 5% on the floor price, subject to applicable rules and shareholder approval, according to Business Today.
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.
Indian currency notes (representative image), Wikimedia Commons, CC BY-SA 4.0
