Bajaj Finance has moved higher by 2% at Rs 1,393 after the company announced rights issue plan.
“The board of directors of the company will meet on January 15, 2013, to consider proposal for issue of rights equity shares,” Bajaj Finance said in a statement.
The board will consider size of the proposed issue of rights shares, issue price and fix the record Date for determining the eligible equity shareholders who would be entitled to the rights shares, it added.
The non-banking finance company (NBFC) is plans to mobilize around Rs 750 crore through rights issue to strengthen the capital base.
Meanwhile, the company said that the board will also consider the un-audited financial results for the quarter ended December 31, 2012, it added.
The stock opened at Rs 1,368 and hit a new high of Rs 1,432 on the NSE. A combined 66,283 shares have changed hands on the counter so far on both the exchanges.