The board of Bajaj Housing Finance has approved an initial public offering (IPO) on Thursday (June 6, 2024) that includes a fresh issue of equity shares worth up to Rs 4,000 crore.
Each share is priced at Rs 10. The IPO is dependent on market conditions, necessary approvals, regulatory clearances, and other considerations.
According to the company, in addition to the new issue, the offering may include an offer to sell equity shares, depending on market conditions and necessary approvals.
In September 2022, the RBI released a list of upper-layer NBFCs with assets of Rs 50,000 crore or more. Bajaj Housing Finance, included in this list, must be listed on stock exchanges by September 2025.
Bajaj Housing Finance is expected to file draft documents with SEBI soon. On Thursday (6 June, 2024), Bajaj Finance shares rose 1.22% or Rs 83.15, closing at Rs 6,923.25 on the BSE.
For the nine months ending December 31, 2023, the company declared a loan book of Rs 85,929 crore, a 31% increase from the previous year. Net disbursements also grew 31% to Rs 25,308 crore, while net profit surged 41% to Rs 1,350 crore.
Bajaj Finance Q4 Results
For the fourth quarter ending March 31, 2024, Bajaj Finance reported a 21.1% year-on-year increase in net profit, reaching Rs 3,824.53 crore. The net interest income (NII) also grew by 21.1%, totaling Rs 3,824.53 crore, up from Rs 3,157.8 crore in the same quarter of FY23.
Also Read: Monetary Policy Meet June 2024: RBI Keeps Repo Rate Unchanged at 6.5%
In April, Bajaj Finance requested the RBI to lift restrictions on two of its lending products. Back in November 2023, the RBI had prohibited the non-banking lender from issuing loans under the “eCOM” and “Insta EMI Cards” products, citing the lender’s failure to provide essential information to borrowers.
The Insta EMI card offers consumers pre-approved credit for small purchases, while eCOM is a financing option for online shopping through e-commerce sites.
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