The shares of Bajaj Finance, a subsidiary of Bajaj Finserv, will be in focus on October 4 as the company released its business update according to which its new loans booked during the July to September quarter grew by 26 percent to 85.3 lakh as compared to 67.6 lakh in the corresponding quarter last year.
The non-banking financial company’s (NBFC) deposits book stood at approximately Rs 54,800 crore as of September 30, 2023 as compared to Rs 39,422 crore in the same month last year, a year-on-year growth of 39 percent, the firm said in an exchange filing on October 3.
“Customer franchise as of 30 September 2023 stood at 765.6 lakh as compared to 62.91 MM as of 30 September 2022. In Q2 FY24, the customer franchise increased by 35.8 lakh,” the firm said.
According to the exchange filing, Bajaj Finance’s assets under management (AUM) grew by 33 percent to approximately Rs 290,200 crore by the end of September as compared to Rs 218,366 crore at the end of September the previous year. “AUM in Q2 FY24 grew by approximately Rs 20,100 crore,” it added. This is the best in 15 quarters.
Shares of Bajaj Finance will continue to be in focus in Tuesday’s (September 26) trade as brokerages held mixed views on prospects of the non-bank finance lender after the company announced a mega fund raising plan. The board will be meeting on October 5 to consider this.
The fund raising could be considered through various methods including by way of a preferential issue, qualified institutional placement (QIP) or other such methods subject to regulatory approvals.
Earlier in September, the company had raised Rs 1,195 crore through allotment of 7.85 percent per annum secured redeemable Non-Convertible Debentures (NCDs). It had also raised close to Rs 1,700 crore via NCDs in May.
