LIC raises funds of Rs 5000 crore via non-convertible debentures of Bajaj Finance Limited

Mumbai, 27 August: India’s largest insurance firm, Life Insurance Corporation of India, has announced that it has subscribed to 500,000 Nonconvertible Debentures (NCDs) of face value of Rs. 100,000 each, amounting to Rs. 5,000 crore of Bajaj Finance Limited.

The Cost of acquisition is Rs 100,000/- per NCO

The objective of this issue is to augment the long-term resources of the company. The funds raised through this issue will be utilized for the general business purposes of the company, including various financing activities to repay the company's existing loans, capital expenditures, and working capital requirements.

Bajaj Finance Ltd. is a deposit-taking non-banking financial company (NBFC-0) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-ICC. The company is classified as NBFC-UL (upper layer) by the RBI.