Bajaj Finserv plan to raise Rs 750 cr as additional capital

Financial service provider Bajaj Finserv proposed to raise Rs 750 crore as an additional capital in the coming months as part of growth plans, a top
company official said today.

"The Board has cleared a proposal to raise upto Rs 750 crore as an additional capital for growth in the next couple of quarters," Bajaj Finserv Managing Director Sanjiv Bajaj said. The Mumbai-headquartered company currently has presence in 80 locations country-wide.

With the Reserve Bank tightening its interest rates to check inflation, he also predicted a industry slowdown in the coming months. "The first two quarters have been very strong (for us)... given the interest rates have been increased in the last one year, I expect to see some slowdown from third quarter... If the Central bank does not hike rates further, then there could be some positive mood..," he said. 

Bajaj, here to participate in the National Council Meeting of CII, also predicted that there could be a marginal dip on the growth of two-wheelers. "From what we understand through Bajaj Auto (group's automobile entity),compared to last year's industry growth of 25%, we expect it to be 18% to 20% this year," he said.

"It may not be a significant but there will be some impact." Stating that the company was already into infrastructure financing, SME financing and two-wheeler financing, he said there may be some slowdown. "What we have seen in the last few months may not be necessary in the coming months...already we are seeing slowdown in infrastructure financing," he said.