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

Board approved a Qualified Institutions Placement of equity shares of face value Re. 1 each for an aggregate amount not exceeding Rs. 11,700 Crore.

Thu 1 Oct 2026

QIP Size

aggregate amount not exceeding Rs. 11,700 Crore

Face Value per Share

Re. 1 each

Preferential Issue of Warrants

aggregate amount not exceeding Rs. 5,800 Crore

Warrant Payment Terms

minimum 25% payable on date of allotment, balance 75% on exercise

Warrant Conversion Window

eighteen months from the date of allotment of the warrants

What the board approved

At its meeting on 1 October 2026, the Board of Directors approved the following proposals, subject to such regulatory and statutory approvals as may be required, including approval of the shareholders of the Company.

• 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.
• Preferential issue (PI) of warrants convertible into an equivalent number of equity shares, for an aggregate amount not exceeding Rs. 5,800 Crore.

The QIP is proposed to Qualified Institutional Buyers in terms of Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The preferential issue is in terms of Chapter V of the same regulations.

Who the warrants are proposed to go to

Bajaj Finserv Limited, described as the Proposed Allottee, is the promoter and holding company of the Company. The number of investors in the preferential issue is stated as 1 (One).

Payment terms for the warrants

• 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 on exercise of the options against the warrants.
• The warrants are convertible into equity shares that are pari-passu with the fully paid-up equity shares of the Company.
• 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 the warrants, the consideration amount shall stand forfeited by the Company.

Other points from the disclosure

• The issue price will be determined at a later stage in accordance with applicable law.
• The Company will seek approval of the shareholders for the proposed QIP and PI by convening an Extra Ordinary General Meeting.

What a retail investor may track

Both proposals bring in new equity shares or instruments convertible into them. Two details that decide how much existing shareholding gets diluted are the price at which the shares or warrants are issued and the final number of shares issued. Both are still to be determined. The proposals also require shareholder approval and other applicable approvals before they take effect.

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