According to a, Bajaj Housing Finance has selected five investment banks as advisors for its proposed initial public offering (IPO). Moneycontrol report.
Work on Bajaj Housing Finance's proposed IPO is believed to have begun (Representative image) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
“Kotak Mahindra Capital, Axis Capital, BofA Securities, JM Financial and SBI Capital have been shortlisted for this IPO,” the report said, quoting a person familiar with the development.
Get exclusive access to the story of India's general elections, only on the HT app. Download now!
The deal has “kicked off” and work on the matter has begun, the person added. However, it was not immediately clear whether additional banks would be added at a later date.
Bajaj Housing Finance IPO
The development comes days after Moneycontrol first reported on March 27 that the home financier was planning an IPO within the next 12 to 18 months. The move would also mark the return of umbrella group Bajaj Group to the public market.
“The company’s target valuation is between $9 billion and $10 billion. “Although it is early days, the company plans to raise $900 billion to $1 billion, keeping in mind minimum dilution and expected valuation range,” the said report had said.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
The proposed IPO is in line with the Reserve Bank of India's (RBI) mandatory requirement for 'upper tier' NBFCs (non-banking financial companies) to list on stock exchanges as NBFCs within three years of notification.
Bajaj Housing Finance was declared as an “upper tier” NBFC by the RBI on September 30, 2022. Therefore, Bajaj Housing Finance is required to list by September 30, 2025 at the latest as per the regulatory framework.
Meanwhile, the Bombay Stock Exchange (BSE) was informed by Bajaj Finance on Friday that the subsidiary of Bajaj Finance is taking measures to comply with mandatory regulatory requirements.
“The board will meet on April 24 to discuss strategies to comply with the mandatory listing requirement. “The board will discuss various options taking into account the prevailing market conditions,” Bajaj Finance said told BSE.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Discover the complete story of India's general elections in our exclusive election product! Access all content completely free via the HT app. Download now!
Stay updated with business news as well as Gold Rates Today, India News and other related updates on Hindustan Times website and apps
News / Business / Bajaj Housing Finance selects five investment banks as advisors for proposed IPO: report
Comments are closed.