India's Bajaj Finance top Nifty gainer as co considers fundraise

Bajaj Finserv

25/09/2023 09:13

(Updates with share moves, comments)
    ** Shares of Bajaj Finance  BJFN.NS  firms as much as 5% to
7,849.90 rupees, emerges as top-gainer on the Nifty 50  .NSEI 
    ** Stock set to see best day since July 4, if gains hold
    ** Non-banking finance co says it is proposing a fundraise
via a qualified institutional placement 
    ** Local media reports had stated that co plans to raise
between $800 mln - $1 bln via QIP or preferential issue route 
        ** "One of the justifications (for fundraise) could be
that co is in high-growth phase. (It) has also entered new
segments for financing and could plan on deploying capital for
growth in these segments," according to analysts from Macquarie 
  
    ** Shares hit highest since July 5; holding co Bajaj Finserv
 BJFS.NS  up 2.6%
    ** BJFN stock currently up 4.4%, bringing YTD gains to
~18.6%

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))