Market regulator Sebi has given its go-ahead to the non-banking finance company Bajaj Finance's proposed rights issue to raise up to Rs 750 crore.
In rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.
Bajaj Finance had filed draft documents with Sebi in November to raise up to Rs 750 crore through a rights issue.
Sebi issued its final observations on the draft offer documents on January 8 as per the latest update by the market regulator. Sebi's observations are necessary for the companies to launch rights issues.
Bajaj Finance, a subsidiary of Bajaj Finserv, is engaged in the business of consumer finance, SME finance and commercial lending.
The company plans to use the proceeds of the issue for strengthening its capital base.
JM Financial Institutional Securities is acting as lead manager to the issue, while Karvy Computershare is the registrar.
Earlier in August, Sebi had given its approval to Bajaj Finserv to raise up to Rs 1,000 crore through rights issue.
The Lucknow bench of the Allahabad high court will hear the Sahara Group versus Securities and Exchange Board of India (SEBI) case only after the capital markets regulator completes its probe into the nature of the financial instruments used by the two Sahara Group companies to raise money from the public. Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd are fighting the regulator on the issue optionally fully convertible debentures (OFCDs) being used to collect funds from investors. The Supreme Court on 12 May had asked SEBI to determine the nature of OFCDs and whether Sahara was using them in a legitimate manner to raise money. SEBI is likely to submit its report on OFCDs issued by Sahara in the first week of July. “The apex court in its 12 May order had said that the high court can choose to proceed or not proceed with the case hearing till SEBI passes an order determining...