Bajaj Finance Ltd. is preparing to raise up to Rs 11,700 crore, or $1.2 billion, by selling shares to institutional investors. According to people familiar with the matter, the offering could be launched as early as this week in Mumbai.
The lender, part of the Bajaj Group, has finished its meetings with potential investors. The people said the so-called qualified institutions placement could go ahead within the next day or two. They asked not to be named because the plans are not yet public.
Bajaj Finance has hired Kotak Mahindra Capital Co., Morgan Stanley, JPMorgan Chase & Co., IIFL Capital Services Ltd. and JM Financial Ltd. to manage the deal, the people said.
Nothing is final. The size and timing of the offering could still change, they added. A JPMorgan representative declined to comment. Bajaj Finance and the other banks had not responded to requests for comment.
Board approval and warrant issue
The company’s board approved the fundraising plan on 1 October. It allows Bajaj Finance to raise as much as 175 billion rupees. Of that, 117 billion rupees would come from the qualified institutions placement, and 58 billion rupees from warrants.
The warrant part is already moving. On 10 November, Bajaj Finance raised about 58 billion rupees by allotting 57.43 million warrants at 1,010 rupees apiece. The buyer was its promoter and holding company, Bajaj Finserv Ltd., according to a filing with the stock exchange.
A busy year for equity fundraising
India has been one of the world’s most active markets for share sales this year. Companies have raised about $50.25 billion through equity offerings so far in 2026, compared with $58.78 billion for the whole of last year.
Several large deals have shaped this year’s figures. Jio Platforms Ltd. completed a record initial public offering worth $3.1 billion last month. The National Stock Exchange of India Ltd. raised $2.4 billion through its listing, and Life Insurance Corporation of India sold shares worth $3.3 billion.
The Bajaj Finance sale would be the first major Indian equity offering since Jio Platforms’ listing.
Stock performance
Bajaj Finance shares have risen nearly 13% over the past month. The benchmark Nifty 50 index has gained 12.5% over the same period, so the stock has moved broadly in line with the wider market.
A separate report by IFR, published on 10 November, said Bajaj Finance planned to launch its share sale as early as this week, which matches the timing described by the people familiar with the deal.