Bajaj Corp Shares Pare Losses After Falling Over 3%

Sharemasterindia.com: Shares of Bajaj Corp fell as much as 3.6 per cent on the BSE on Thursday. The FMCG company has informed that it plans to raise Rs 1,000 crore by issuing equity shares to institutional buyers through qualified institutional placement.
Bajaj Corp would consider the proposal to raise the sum at its annual general meeting to be held on July 20, 2015.

It further said equity shares and/or securities would be issued, offered in one or more tranches through QIPs to qualified institutional buyers, global depository receipts, American depository receipts.

"Price of the securities shall be determined at a later stage, exact number of securities to be issued shall also be crystalised later," it added.

Avinnash Gorakssakar, CIO & Head of Research of Precision Investment Services, said a fund-raising plan without a stated objective does not send a good signal.

At 10:47 a.m., shares of Bajaj Corp were down 1.8 per cent to Rs 423. In comparison, the broader markets were flat.