Rights issue funds to be used for expansion plans: Bajaj Finserv

Bajaj Finserv is raising Rs 941 crore through a rights issue. Sanjiv Bajaj of Bajaj Finserv explains that the funds will be used for expansion plans of group company Bajaj Finance. Bajaj Finance is seeing strong growth in the consumer and SME lending businesses and would need growth capital over the next year. Bajaj adds that the Bajaj Finance balancesheet will see strong growth in the consumer and SME business lines but that the commercial lending part of the business may remain sluggish given the domestic economic environment.