 "Bajaj Finance hits record high")
Shares of Bajaj Finance have moved higher by nearly 6% to Rs 5,441, also its record high on the Bombay Stock Exchange (BSE).
Thus far in June 2015, the stock of non-banking finance company has outperformed the market by surging 29% from Rs 4,219 compared to nearly 1% fall in the S&P BSE Sensex.
Thus far in June 2015, the stock of non-banking finance company has outperformed the market by surging 29% from Rs 4,219 compared to nearly 1% fall in the S&P BSE Sensex.
The company has successfully raised Rs 1,400 crore by issuing 3.27 million equity shares to qualified institutional buyers at the issue price of Rs 4,275 per share through qualified institutional placements (QIP).
Post QIP issue, total foreign institutional investors (FIIs) holding in Bajaj Finance increased to 17.86% from 13.55% at the end of March 2015 quarter. Domestic institutional investors (DIIs) stake in the company increased to 5.96% from 5.63% earlier.
However, the total promoters holding in the company declined to 57.83% from 61.61%, according to latest shareholding pattern filed by Bajaj Finance.
Meanwhile, the board of directors of the company at its meeting held on June 02, 2015, had also allotted 925,000 warrants to the promoter, Bajaj Finserv, on preferential basis at an issue price of Rs 4,412 per warrant which are convertible into equal number of equity shares of the face value of Rs 10 each.
At 1122 hours, the stock was up 5.4% at Rs 5,432 on the BSE. A combined 62,369 shares changed hands on the counter on the BSE and NSE so far.