What the board approved
At its meeting on 1 October 2026, the board of Bajaj Finance approved a two-part capital raise. The first is a Qualified Institutions Placement (QIP) of equity shares of face value Re. 1 each, directed at qualified institutional buyers. The second is a preferential issue of warrants, each convertible into an equivalent number of equity shares, to Bajaj Finserv Limited — described in the filing as the promoter and holding company. Both proposals are subject to regulatory and statutory approvals and to shareholder approval, which the company said it will seek by convening an Extraordinary General Meeting.
How the warrants work
Per the filing, a minimum of 25% of the consideration is payable on the date of allotment, with the balance 75% due when equity shares are allotted on exercise. If Bajaj Finserv does not exercise the warrants within eighteen months of allotment — or such other period permitted under SEBI ICDR Regulations — the consideration paid stands forfeited to the company. The warrant issue price will be determined at a later stage in accordance with applicable law, and the resulting shares are stated to be pari-passu with the existing fully paid-up equity shares.
What remains undecided
The filing sets out the ceiling amounts and the structure, but not the final economics. The QIP pricing, the number of shares, and the warrant issue price are all left to be determined later under applicable law. Completion of both legs depends on shareholder clearance at the planned EGM and on required regulatory approvals.