Board of India's Bajaj Housing Finance approves $480m IPO

Board of India's Bajaj Housing Finance approves $480m IPO

The building of the Bombay Stock Exchange in Mumbai. Credit: Wikimedia Commons

India’s Bajaj Housing Finance approved to file for an initial public offering (IPO) with a fresh issue of shares worth 40 billion rupees ($479.2 million) on Thursday.

The firm, a unit of non-banking finance company (NBFC) Bajaj Finance, said the IPO would include a sale of shares by existing shareholders.

In September 2022, the Reserve Bank of India (RBI) had released a list of upper-layer NBFCs, or those entities with 500 billion rupees of assets under management. According to RBI norms, Bajaj Housing Finance, which was a part of the list, was required to be listed on stock exchanges by September 2025.

The IPO would be subject to market conditions, approvals and regulatory clearances, the company added.

Reuters

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