The special committee formed by the board of directors of Bajaj Finserve Ltd will meet on August 29 to decide the rights issue price and entitlement ratio. The company has planned to raise up to Rs 1,000 crore through the rights issue route.
The board will also fix the record date for the issue, the company said in a communication to the stock exchanges on Monday.
BFL's board of directors had on May 16 cleared raising of funds through issue of equity shares and/ or securities convertible into equity shares, by way of a QIP, private placements, issuance of ADRs, GDRs, etc, or through a rights issue, up to an aggregate amount of Rs 1,000 crore.
Subsequently, while releasing the first quarter results on July 17, BFL said the board gave its approval to raise funds through rights issue of equity shares up to Rs 1,000 crore, implying that the entire fund raising would be done through this route and other options may not be considered now.
On the NSE, the share closed today at Rs 790.05, a loss of Rs 34.90. In the past eight months, the share value has gone up substantially. After falling to a low of Rs 340 on January 5, the share has rallied to a 52-week high of Rs 952.45 on August 22.