Bajaj Finance said it will convene its Board on Oct. 1 to weigh a potential capital raise.
The announcement sent the stock 5% lower on the NSE, drawing a bearish mood among investors.
The firm will consider a preferential equity issue and a qualified institutional placement (QIP), subject to regulatory and shareholder approvals.
Leverage sits at 4.9×, below the sector average of 5.3×, and return on equity is 21%. Loan growth hit 23% CAGR, and the company has monetised 87% of its stake in Bajaj Housing Finance.
Jefferies retains a 'Buy' rating with a ₹1,280 target, noting that a ₹15,000 crore raise could boost FY28 EPS by 1% and book value per share by 7%. The planned management succession in March 2028 may also weigh on the timing of the raise.