Bajaj Finserv Ltd approves fund raising proposal

The Board of Directors of Bajaj Finserv Ltd at its meeting held on May 16, 2012, has approved a proposal for fund raising through issue of equity shares and / or securities convertible into equity shares, by way of a qualified institutions placement, private placements, issuance of ADRs, GDRs etc., subject to approval of the shareholders of the Company or through a rights issue, up to an aggregate amount of Rs. 1000 crore, subject to applicable statutory and regulatory approvals.

At the said meeting, the board also approved the (a) the increase in authorized capital of the Company from Rs. 75,00,00,000 comprising 15,00,00,000 equity shares of face value Rs. 5 each to Rs. 100,00,00,000 comprising 20,00,00,000 equity shares of face value Rs. 5 each, and, (b) convening the Company's Annual General Meeting on July 17, 2012, and the related notice and explanatory statement in connection therewith.

The Bajaj Finserv Ltd stock closed the day at Rs.709.55, down by Rs.7.35 or 1.03%. The stock hit an intraday high of Rs.733.70 and low of Rs.703.05.

The total traded quantity was 0.79 lakhs compared to 2 week average of 0.33 lakhs.

Source : Equity Bulls

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