New Delhi: Bajaj Group's financial services holding company Bajaj Finserv on Wednesday said it plans to raise about Rs 1,000 crore through issue of securities.

The board has approved a proposal for fund raising through issue of equity shares or securities convertible into equity shares, by way of a qualified institutions placement, private placements, issuance of ADRs, GDRs among others up to an aggregate amount of Rs 1,000 crore, Bajaj Finserv said in a filing on the BSE.

Besides, the board has also approved raising authorised capital of the company from Rs 75 crore to Rs 100 crore.

Meanwhile, the company on consolidated basis posted a net profit of Rs 880.79 crore for the quarter ended March 31, 2012 against Rs 872.58 crore in the same quarter of the previous fiscal.

Total Income rose to Rs 1,752 crore during the quarter against Rs 1,317.28 crore in the same period a year ago.

(Agencies)

Latest News from Business News Desk