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Bajaj Housing Finance Ltd has announced its entry into the capital market with an initial public offering (IPO) in the price band of ₹66-70 per share to raise up to ₹6,560 crore.
The IPO of shares (face value of Rs 10 each) comprises a fresh issue of up to Rs 3,560 crore and an offer for sale (OFS) of up to Rs 3,000 crore by promoter selling shareholder Bajaj Finance Ltd.
The issue will open on September 9 and close on September 11.
Bids can be made for a minimum of 214 equity shares and in multiples of 214 shares thereafter. For subscription by employees, the reservation portion comprises shares worth up to ₹200 crore, and for shareholders of Bajaj Finance Ltd and Bajaj Finserv Ltd, the reservation portion comprises shares worth up to ₹500 crore, the company said.
The Company, a 100% owned subsidiary of Bajaj Finance Limited, intends to use the net proceeds from the fresh issue to enhance its capital base, for further lending to meet the future business requirements of the Company.
Classified as an ‘upper-tier NBFC’ by the RBI as per scale-based regulations, Bajaj Housing Finance provides finance to individuals as well as corporate entities for purchase and renovation of homes or commercial spaces.
The Pune-based company offers loans against property for business or personal needs as well as working capital for business expansion. In addition, it provides finance to developers engaged in the construction of residential and commercial properties and also offers lease rental discounting to developers and high-net-worth individuals.
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