India's Bajaj Finance's fund raise plans to boost capital buffer: S&P Global

Bajaj Finserv

11/10/2023 10:13

** Shares of Bajaj Finance  BJFN.NS  rise as much as 1.11%
    ** Stock on course to rise for third session in four, if
trend holds
    ** BJFN up 3.33% in four sessions since approving a $1.2 bln
fund raise via issue of shares and warrants to its largest
shareholder Bajaj Finserv  BJFS.NS 
    ** BJFN's fund raise plans comes as demand for loans rises
and competition heats up in the sector with the entry of Jio
Financial Services  JIOF.NS 
    ** Ratings agency S&P Global Ratings says BJFN's plans to
raise up to 100 bln rupees in equity will strengthen the
non-banking finance company's "already solid capital buffer"
    ** BJFN's good profitability and low dividend payments to
also support its capitalisation
    ** BJFN's capitalisation should further benefit from the
listing of subsidiary Bajaj Housing Finance, adds S&P Global

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))