Bajaj Finance QIP opens at Rs 992.25 floor price, with up to 5 per cent discount allowed
The company said shareholders approved a discount of not more than 5 per cent on the floor price, and the final issue price will be set with its lead managers.
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The Bajaj Finance QIP opened for institutional investors on Wednesday 11 November at a floor price of Rs 992.25 a share. The non-banking financial company may offer a discount of up to 5 per cent on that level, Sahi reported. Because the launch came after the market closed, traders will look at the stock on Thursday 12 November.
Bajaj Finance floor price and discount: what the filing says
On 11 November, the board’s QIP committee approved the opening of the issue, “setting the floor price at ₹992.25 per share”, according to Sahi. SEBI, the market regulator, prescribes the formula behind it.
Shareholders cleared the discount by special resolution on 2 November 2026. Bajaj Finance said, in a line quoted by Upstox, that “the company may offer a discount of not more than 5% on the floor price so calculated for the issue”. Final pricing is left to the company and its book-running lead managers.
One discrepancy needs flagging. Upstox’s headline says Rs 922.25, but Sahi and the Arthneeti filings tracker both show Rs 992.25, and this report uses that figure.
Bajaj Finance warrants and other key numbers
- Rs 11,700 crore: the most the board approved raising through a QIP at its meeting on 1 October 2026, per Upstox.
- Rs 5,800 crore: the ceiling on a separate preferential issue of warrants to promoter Bajaj Finserv, according to Arthneeti.
- 5,74,25,740 warrants: allotted to the promoter at Rs 1,010 per warrant, Upstox reported.
- Rs 6.72 lakh crore: Bajaj Finance’s market capitalisation on 11 November, based on NSE data cited by Upstox.
Background: how the fundraise got here
The board cleared both the QIP and the warrant issue on 1 October. Warrants are convertible into equity shares. Upstox said at least 25 per cent of the consideration is payable on allotment, and the remaining 75 per cent falls due when the options are exercised.
Blackstone’s plan to buy a stake in IIFL Finance made headlines this week, and NIS covered that deal. Rates matter to lenders as well: Jefferies expects an RBI hike in December.
What happens next for the Bajaj Finance QIP
Bids from institutional buyers come next, and the company will then set the issue price with its lead managers. Neither report gave a closing date. Investors will watch the final price, and the size of any discount to the Rs 992.25 floor.
A QIP adds fresh equity for one of India's largest lenders and can move the share price when the issue price is fixed. Investors will compare the final price with the Rs 992.25 floor and with the Rs 1,010 warrant price paid by the promoter. The size of any discount shows how much demand institutions show at current valuations.