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

Board of Directors approved two capital-raising proposals at its meeting held on 1 October 2026.

Thu 1 Oct 2026

QIP size

aggregate amount not exceeding Rs. 11,700 Crore

Preferential issue warrants size

aggregate amount not exceeding Rs. 5,800 Crore

Face value per share

Re. 1 each

Warrant payment terms

minimum of 25% payable on date of allotment; balance 75% on allotment of Equity Shares

Warrant exercise window

eighteen months from the date of allotment of such warrants

On 1 October 2026, the Board of Directors of the company approved two proposals to raise capital. Both are subject to such regulatory and statutory approvals as may be required, including approval of the shareholders of the Company.

What was approved

• Raising of capital through a Qualified Institutions Placement (QIP) for an aggregate amount not exceeding Rs. 11,700 Crore, by issue of equity shares of face value Re. 1 each, to Qualified Institutional Buyers under Chapter VI of the SEBI ICDR Regulations, 2018.
• A preferential issue (PI) of warrants convertible into an equivalent number of Equity Shares, for an aggregate amount not exceeding Rs. 5,800 Crore, under Chapter V of the SEBI ICDR Regulations, 2018.

Who is putting in the money in the preferential issue

The proposed allottee is stated as Bajaj Finserv Limited, described in the disclosure as the promoter and holding company. The number of investors in the preferential issue is 1 (One). The securities proposed to be issued are warrants convertible into an equivalent number of Equity Shares of face value Re. 1 each.

How the warrants work

• 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 is payable on the date of allotment, and the balance 75% is payable at the time of allotment of Equity Shares pursuant to exercise of the options against the warrants.
• If the proposed allottee does not exercise the option for Equity Shares against any of the warrants within 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.

What happens next

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

What this means in simple terms

• The company is proposing to issue new equity shares. When new shares are issued, the total number of shares goes up, so the percentage holding of existing shareholders in the company changes.
• The QIP brings in institutional investors, while the preferential issue of warrants is proposed to be made to the promoter and holding company.
• In the warrant route, only a part of the money (a minimum of 25%) comes in at allotment; the remaining 75% would come in later, when the shares are allotted on exercise of the warrants.
• Both proposals are still subject to approvals, including shareholder approval.

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