Following the Bajaj Finance board’s acceptance of a 10,000 crore fundraising plan on Thursday, shares of Bajaj Finserv and Bajaj Finance were among the top two gainers of the Nifty 50 on Friday’s session. After declining for two straight sessions, the BSE share price of Bajaj Finserv opened at 1,560.80 and increased by about 5%, while the BSE share price of Bajaj Finance opened at 7,859.95 and reached a 52-week high of 8,107.15.
Bajaj Finance raised $8,800 crore through a Qualified Institutions Placement (QIP), and the board additionally gave the company permission to raise money through warrants up to $1,200 crore.
In accordance with Chapter VI of the SEBI Regulations, 2018, the Companies Act, 2013, and the rules made thereunder, the company announced in an exchange filing that it would be raising capital through a QIP for a total of not more than Rs. 8,800 croress.
As a preferential issue (PI) to the promoter, Bajaj Finserv Limited, for a sum not to exceed Rs. 1,200 crore, by issuing up to 15,50,000 warrants with the option to convert them into an equivalent number of equity shares having a face value of Rs. 2 each.
The Bajaj brothers’ favorable outlook from brokerages also helped the equities’ general mood.
Jefferies has maintained its buy rating on Bajaj Finance with a target price of 8,830. While deposits increased by over 40% year over year, liquidity remained adequate. The preferred NBFC according to Jefferies is Bajaj Finance. This goal suggests a potential upside of 21% from the stock’s most recent closing price of $1,542.
According to the brokerage, Bajaj Finserv offers investors the ability to take part in all facets of India’s financialization.
Bajaj Finserv owns 52.5% of Bajaj Finance, according to the brokerage report.
Bajaj twins from a technical perspective
Bajaj Finserv share prices are seeing a big volume-based breakout in today’s session, according to Rajesh Bhosale, Equity Technical and Derivative Analyst, at Angel One. Additionally, fresh long addition is being seen in the future.
“We have a favorable opinion of the stock and anticipate a rally in the short term toward $1,700. Any drop near 1,590 can be viewed as a potential buying opportunity, according to Bhosale.
Rajesh too has a favorable perspective on Bajaj Finance and advises purchasing. The price of Bajaj Finance shares has just broken over 8,000 levels, which have served as strong resistance since 2021. In new territory, we anticipate the price to move in the direction of 8,500 in the near future.
