Bajaj Finance ₹17,500 Crore Fundraise May Launch in November, Reports
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Bajaj Finance has picked Kotak Mahindra Capital, JP Morgan and Morgan Stanley for its proposed ₹17,500 crore capital raise, Moneycontrol reported. The transaction, comprising a QIP and warrants to Bajaj Finserv, is currently being considered for a November launch
Private non-banking financial firm Bajaj Finance Bajaj Finance has started work on its proposed ₹17,500 crore fundraise, comprising an ₹11,700 crore qualified institutional placement (QIP) and ₹5,800 crore preferential issue of warrants to promoter Bajaj Finserv, with a launch planned for November. The company has picked Kotak Mahindra Capital, JP Morgan and Morgan Stanley as advisors for the transaction, Moneycontrol reported, citing people familiar with the matter.
The fundraise was approved by the Bajaj Finance board on October 2. The company is looking at launching the transaction in November, preferably in the second half of the month, depending on market conditions. More advisors may be added if required, according to the report.
If completed at the proposed ₹17,500 crore size, this would be Bajaj Finance's biggest capital raise. The company last raised equity capital in 2023, when it mobilised ₹10,000 crore through a combination of QIP and warrants. Before that, it raised ₹8,500 crore through a QIP in 2019.
Bajaj Finance ₹17,500 Crore Fundraise Details
Under the proposed plan, Bajaj Finance will raise up to ₹11,700 crore by issuing equity shares to qualified institutional buyers. The remaining ₹5,800 crore will be raised through a preferential issue of warrants to Bajaj Finserv, its promoter and holding company.
The warrants will be convertible into an equivalent number of equity shares. Bajaj Finance will also seek shareholder approval for the QIP.
This would be the company's first equity fundraise since 2023, when it raised ₹10,000 crore through a combination of QIP and warrants. Bajaj Finance had earlier raised ₹8,500 crore through a QIP in 2019.
At up to ₹17,500 crore, the proposed transaction would also be the largest capital raise undertaken by Bajaj Finance. State Bank of India raised ₹25,000 crore through a QIP in July 2025, the largest such issue by an Indian company.
Bajaj Finance AUM Rises 26.5% in Q2 FY27
The fundraising process comes after Bajaj Finance reported another quarter of growth in its loan book. Assets under management stood at about ₹5.85 lakh crore as of September 30, 2026, up 26.5% from ₹4.62 lakh crore a year earlier. The company added around ₹37,800 crore to its AUM during the September quarter.
Its customer franchise increased to 128.85 million from a year earlier, while new loans booked during Q2 FY27 rose 11% to 13.45 million from 12.17 million. The company's deposit book stood at ₹69,750 crore at the end of September.
Bajaj Finance shares rose more than 4% during Monday's session following the Q2 business update and the fundraising plan. The stock has gained more than 14% over the past six months.
Bajaj Finance is a deposit-taking non-banking financial company and a subsidiary of Bajaj Finserv. It operates across consumer finance, SME lending, commercial lending, rural lending, deposits and payments.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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