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Bajaj Finance has accepted bids worth INR 1,390 crore through the reissue of its September 2028 bonds, according to market participants. The non-banking financial company offered a yield of 7.80% on the issue and conducted the fundraising through a commitment bidding process on June 17. The bonds carry a remaining maturity of approximately two years and three months and have been assigned a AAA rating by Crisil. The fundraising reflects continued access to debt capital markets by highly rated non-banking financial companies amid steady investor demand for high-grade corporate debt instruments.
Bajaj Finance has raised INR 1,390 crore through the reissue of its September 2028 bonds after accepting investor bids on Wednesday, according to bankers involved in the transaction.
The non-banking financial company conducted the fundraising through a commitment bidding process and received subscriptions amounting to INR 1,390 crore for the bond issue. The securities were offered at a yield of 7.80%.
The reissued bonds are due to mature in September 2028 and have a residual tenure of approximately two years and three months. The issue has been assigned a AAA credit rating by Crisil, indicating the highest degree of safety with respect to the timely servicing of financial obligations.
The fundraising forms part of Bajaj Finance's ongoing efforts to access debt capital markets for funding requirements and balance sheet management. Corporate bond issuances remain an important source of funding for large non-banking financial companies, complementing bank borrowings and other financing avenues.
According to market participants, the company had invited commitment bids earlier in the day before finalising allocations. The accepted bids totalled INR 1,390 crore, including any additional subscription accepted under the issue structure.
The transaction was completed against a backdrop of continued investor interest in highly rated corporate debt instruments, particularly those issued by established financial institutions. AAA-rated bonds issued by leading non-banking finance companies typically attract participation from mutual funds, insurance companies, pension funds and other institutional investors seeking relatively stable fixed-income returns.
Bajaj Finance is among India's largest non-banking financial companies and has maintained regular access to domestic debt markets through bond issuances of varying maturities. The latest transaction adds to corporate bond market activity during the week as issuers continue to tap investor demand for investment-grade securities.
At the accepted yield of 7.80%, the issue provides investors exposure to a highly rated credit instrument with a medium-term maturity profile. The proceeds are expected to support the company's funding requirements in line with its lending operations and business growth plans.
The company had not issued an immediate public comment on the transaction at the time market details emerged. The bond issue was reported by bankers familiar with the fundraising process.
Source - Reuters
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