Bajaj Finance dropped 4.91% to Rs 4.340 at 12:40 IST on BSE on equity dilution concerns after the board has approved fund raising plans by way of qualified institutional placement of shares and preferential issue of warrants to a promoter company.
The company made announcement during market hours today, 21 April 2015.
Meanwhile, the BSE Sensex was down 70.42 points, or 0.25%, to 27,815.79.
On BSE, so far 1,086 shares were traded in the counter, compared with an average volume of 5,557 shares in the past one quarter.
The stock hit a high of Rs 4,550 and low of Rs 4,335 so far during the day. The stock had hit a record high of Rs 4,693.70 on 9 April 2015. The stock had hit a 52-week low of Rs 1,710 on 15 May 2014.
The stock had outperformed the market over the past one month till 20 April 2015, rising 13.88% compared with 1.33% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 17.33% as against Sensex's 3.12% decline.
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The large-cap non banking financial company has an equity capital of Rs 50.15 crore. Face value per share is Rs 10.
Bajaj Finance said that the board of directors of the company at its meeting held today, 21 April 2015, inter alia, has approved issue of securities for an aggregate amount upto Rs 1400 crore through qualified institutions placement to qualified institutional buyers. The board has also approved preferential issue of warrants upto 9.25 lakh warrants convertible into equivalent number of equity shares to Bajaj Finserv, the promoter of the company.
The board has convened an extra-ordinary general meeting of the shareholders on 20 May 2015 to consider, inter alia, the above proposals.
Bajaj Finance's net profit rose 33.1% to Rs 258.38 crore on 37.3% rise in total income to Rs 1485.39 crore in Q3 December 2014 over Q3 December 2013.
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