Bajaj Finance advanced 3.84% to Rs 7,189.05 after the NBFC's board approved the offer for sale (OFS) of equity shares of a wholly owned subsidiary, Bajaj Housing Finance (BHFL), aggregating to Rs 3,000 crore through initial public offer (IPO).
The OFS is subject to market conditions, receipt of applicable approvals including that of the Securities and Exchange Board of India (SEBI), BSE, National Stock Exchange of India and any other regulatory authority, as may be applicable and as required and commercial and other considerations.Further, the board of directors of BHFL approved an IPO with fresh issue of equity shares aggregating up to 4,000 crore, subject to any revisions to such amount as may be permissible under applicable law.
Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.
The non-banking financial company (NBFC) reported 21.11% increase in consolidated net profit to Rs 3,824.53 crore on a 31.36% jump in total income to Rs 14,931.98 crore in Q4 FY24 as compared with Q4 FY23.
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