Bharat Financial Inclusion Launches QIP To Raise Rs 750 Crore

New Delhi: Bharat Financial Inclusion on Thursday said the company will raise Rs 750 crore through qualified institutional placement.

The Capital Raising Committee of the board of the company at a meeting held on Thursday passed the resolutions to authorise the opening of the offer today i.e., September 22, 2016, Bharat Financial Inclusion said in a regulatory filing.

"The company will raise Rs 750 crore through the QIP launch," a company spokesperson said.

Bharat Financial said it has filed the preliminary placement document with the exchanges on Thursday.

The floor price of the QIP offer has been set at Rs 769.95 per equity share.

"The company may at its discretion offer a discount of up to 5 per cent on the floor price," it said.

Bharat Financial Inclusion was formerly known as SKS Microfinance Ltd.

Shares in Bharat Financial Inclusion, on Thursday, ended 4.51 per cent higher at Rs 811.60 apiece on the BSE, whose benchmark Sensex index finished up 0.93 per cent.