Bajaj Housing Finance
Bajaj Housing Finance announced that its board has approved an initial public offering (IPO) plan to raise ₹4,000 crore through a fresh issue and an offer-for-sale (OFS) component. The public issue will include a sale of shares by existing shareholders, according to a statement from the Bajaj Finance subsidiary. “We inform you that the Board of Directors, at its meeting held today, June 6, 2024, has approved an IPO of equity shares worth ₹10 each of the company (‘equity shares’),” the company stated. The IPO will be subject to market conditions, approvals, and regulatory clearances, noted the unit of the non-banking finance company (NBFC).
In September 2022, the Reserve Bank of India (RBI) released a list of upper-layer non-banking financial companies (NBFCs) with assets under management of ₹50,000 crore or more. Bajaj Housing Finance, included in this list, is required to be listed on stock exchanges by September 2025.
Bajaj Finance Q4 Results
For the fourth quarter ending March 31 of fiscal year 2024, Bajaj Finance reported a 21.1% year-on-year increase in net profit, reaching ₹3,824.53 crore. The net interest income (NII) also rose by 21.1%, amounting to ₹3,824.53 crore compared to ₹3,157.8 crore in the corresponding quarter of FY23.
In April, Bajaj Finance requested the RBI to lift restrictions on two of its lending products. In November 2023, the RBI had prohibited the lender from issuing loans under its “eCOM” and “Insta EMI Cards” products, citing a failure to provide key information to borrowers. The Insta EMI card offers consumers pre-approved credit for small-ticket purchases, while eCOM provides consumer financing for online shopping through e-commerce sites.
