Bajaj Finance: The fund raise, despite the company having a healthy Tier I capital of 23 per cent, hints at the company gearing up to achieve its long term growth ambitions, said Axis Securities. 
Bajaj Finance: The fund raise, despite the company having a healthy Tier I capital of 23 per cent, hints at the company gearing up to achieve its long term growth ambitions, said Axis Securities. The board of directors of Bajaj Finance Ltd will meet today to consider a proposal for raising of funds through various means including qualified institutions placement (QIP) and preferential issue. Nomura India said higher-than-expected
growth has been one of the key reasons for Bajaj Finance's evaluation of a capital raise. The fund raise, despite the company having a healthy Tier I capital of 23 per cent, hints at the company gearing up to achieve its long term growth ambitions, said Axis Securities.
"Post the fund raise, Bajaj Finance will remain well positioned to deliver a robust return on equity of 21-per cent plus over the medium term against our current estimates of 23-24.5 per cent," Axis Securities said.
Like earlier quarters, Bajaj Finance delivered industry-leading growth in the September quarter (provisional data suggests) and even exceeded its revised FY24 asset under management (AUM) growth guidance of 29-31 per cent, Nomura said.
Bajaj Finance will disclose its September quarter results on October 17.
In its provisional update, the NBFC said new customer acquisitions remained healthy as Bajaj Finance added 35.8 lakh new customers to its portfolio in the September quarte against 26.1 lakh in the year-ago quarter. The total customer franchise stood at 7.66 crore, up 22 per cent YoY. The NBFC reported AUM growth of 33 per cent, which was ahead of Street expectations.
"AUM growth of 33 pr cent YoY suggests that disbursements were strong in most product segments, including 2Ws across multiple OEMs," Motilal Oswal said.
The domestic brokerage in an earlier note suggested that new entrant Jio Financial has already began consumer lending pilots in lifestyle stores owned by Reliance Industries. Thus, the capital raise by Bajaj Finance, it said, might be a tacit acknowledgment that the NBFC is readying its capital ammunition the future competitive landscape.
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