Bajaj Finance has received Securities and Exchange Board of India's (SEBI) nod for proposed rights issue to raise up to Rs 750 crore. The company plans to use the proceeds for strengthening its capital base.
SEBI issued its final observations on the draft offer documents on January 8 as per the latest update by the market regulator. SEBI's observations are necessary for the companies to launch rights issues.
JM Financial Institutional Securities is acting as lead manager to the issue, while Karvy Computershare is the registrar.
The company, in November 2012, had filed draft documents with SEBI to raise up to Rs 750 crore through a rights issue.
Bajaj Finance, a subsidiary of Bajaj Finserv, is engaged in the business of consumer finance, SME finance and commercial lending.