Bajaj Housing Finance Shares up 6% Amid Likely OFS

Shares of Bajaj Finance soared 6% in the early session today. The rise comes on the back of surging trading volumes due to a potential stake sale by the promoter company Bajaj Finance Ltd.

Dealers earlier indicated that Bajaj Finance is set to pare its stake via an OFS, NDTV Profit reported. The offer is expected to be priced at a 10% discount to Wednesday’s closing.

The OFS is being conducted to meet SEBI norms regarding the minimum public shareholding that warrants a free float of at least 25%. As of June, promoter Bajaj Finance owns about 88.7% in the company.

Bajaj Housing surged by 5.9% to ₹114.92 apiece on the NSE. Shares traded at NSE were valued at ₹140.29 crore.

The shares have plunged by 31% since its listing in September, last year. According to the 10 analysts tracking Bajaj Housing Finance, six have given a 'sell' rating on the stock, while two each have recommended to 'buy' and 'hold', Bloomberg data revealed.