Board approves QIP up to Rs. 11,700 Crore and preferential issue of warrants up to Rs. 5,800 Crore

The board has approved raising capital through two routes, subject to approvals including approval of the shareholders.

Thu 1 Oct 2026

QIP size

aggregate amount not exceeding Rs. 11,700 Crore

Preferential issue of warrants size

aggregate amount not exceeding Rs. 5,800 Crore

Face value of equity shares

Re. 1 each

Warrant payment terms

minimum 25% of consideration payable on allotment; balance 75% on exercise

Warrant exercise window

18 months from date of allotment of warrants

What the board approved

• Raising of capital through a Qualified Institutions Placement (QIP) for an aggregate amount not exceeding Rs. 11,700 Crore, by the issue of equity shares of face value Re. 1 each, in accordance with Chapter VI of the SEBI ICDR Regulations, 2018 and other applicable laws.
• A preferential issue of warrants convertible into equivalent number of equity shares for an aggregate amount not exceeding Rs. 5,800 Crore, in accordance with Chapter V of the SEBI ICDR Regulations, 2018 and other applicable laws.
• Both are subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the Company.

Key terms of the preferential issue

• Securities proposed to be issued: warrants convertible into equivalent number of equity shares of face value Re. 1 each.
• Type of issuance: preferential allotment.
• Proposed allottee: Bajaj Finserv Limited, the promoter and holding company.
• Number of investors: 1 (One).
• Each of the warrants is convertible into an equivalent number of equity shares which are pari-passu with the fully paid-up equity shares of the Company.
• On issue, a minimum of 25% of the consideration shall be payable on the date of allotment, and the balance 75% shall be payable at the time of allotment of equity shares pursuant to the exercise of options against the warrants.
• If the proposed allottee does not exercise the option for equity shares against any of the warrants within a period of eighteen months from the date of allotment of such warrants, or such other period permitted under the SEBI ICDR Regulations, the consideration amount payable shall stand forfeited by the Company.
• The issue price will be determined at a later stage in accordance with applicable law.

Key terms of the QIP

• Type of issuance: Qualified Institutions Placement to Qualified Institutional Buyers in terms of Chapter VI of the SEBI ICDR Regulations, 2018.
• Securities proposed to be issued: equity shares of face value Re. 1 each.
• Amount for which the securities will be issued (approximately): up to Rs. 11,700 Crore.

Next step

• The Company will seek the approval of its shareholders for the proposed QIP and PI by convening an Extra Ordinary General Meeting, subject to applicable provisions/circulars issued by the Ministry of Corporate Affairs and SEBI from time to time.

How to read the two proposals

• The amounts stated are caps: the QIP is for an aggregate amount not exceeding Rs. 11,700 Crore and the preferential issue is for an aggregate amount not exceeding Rs. 5,800 Crore.
• The QIP is an issuance to Qualified Institutional Buyers, while the preferential issue of warrants is proposed to be made to the promoter and holding company.
• In the preferential issue, only a minimum of 25% of the consideration is payable at allotment of the warrants, with the balance 75% payable when equity shares are allotted on exercise of the options.
• The warrants carry an eighteen-month exercise window from the date of allotment of the warrants; the consideration stands forfeited by the Company if the option is not exercised within that period.
• Issuance of equity shares under the QIP, and allotment of equity shares on conversion of warrants, both add to the number of equity shares of the Company.
• Both proposals have been approved by the Board and will be placed before the shareholders; the issue price is to be determined at a later stage in accordance with applicable law.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.