Shares of Bajaj Finance were down 6% at Rs 4,272 on concerns over equity dilution after the company's board, at it meeting held today, proposed issue of securities through QIP and convertible warrants to promoters on a preferential basis.
The board has approved issue of securities upto Rs 1,400 crore through Qualified Institutions Placement and preferential issue of 925,000 warrants convertible into equivalent number of equity shares to promoter Bajaj Finserv Ltd, the company said in a release today.
The stock opened at Rs 4,550 and touched a low of Rs 4,274. At 12:30PM, nearly 52,000 shares were traded on both the stock exchanges.
