Bajaj Auto Finance to allot shares on rights basis, NCDs and warrants

Bajaj Auto Finance Ltd has announced that the Committee of Directors (CoD) at its meeting held on November 02, 2006 has approved the following:

1. 12,596,076 equity shares of the face value of Rs 10/- each at Rs 325/- per share including a premium of Rs 315/- per equity share aggregating Rs 4,093,724,700/- to the equity shareholders on rights basis in the ratio of 6 equity shares for every 10 equity shares held on the record date.

2. 5,248,365 non-convertible debentures ("NCDs") of the face value of Rs 500/- each aggregating Rs 2,624,182,500/- with detachable warrants in the ratio of 1 NCD with detachable warrant for every 4 equity shares held on the record date.

a. The face value of the NCDs is Rs 500/- per NCD and the interest would be 6% per annum payable annually up to the redemption of the NCD which is 3 years from the date of allotment.

b. The Warrants Exercise Price is Rs 500/- per warrant. The warrant exercise period would commence after 12 months from the date of allotment of warrant to the end of 35 months from the date of allotment of warrant.

Source : Equity Bulls

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