Bajaj Auto Finance was incorporated in 1987. The company is promoted and managed by Bajaj group. It has ceased to be a subsidiary of Bajaj Auto after its IPO of 4.175 million shares of Rs 10 each at a premium of Rs 80 in May 1994. BAFL is mainly into financing of retail assets - two-wheelers and consumer durables. Bajaj Auto Finance has a network of over 4,000 Bajaj Auto and consumer durable dealerships as well as 95 branch offices throughout the country. The company has changed its provisioning policy for non-performing assets. Bajaj Auto Finance is scaling its capacities and investment in human resources and processes to pursue an aggressive growth strategy over the next five years. Recently, the share holding pattern of the company has undergone a lot of changes. Bajaj Auto Finance allotted 1 million equity shares and 3 million warrants to its promoters - Bajaj Auto on preferential basis. Private equity fund Chrysalis Capital has acquired around a 5% stake in Bajaj Auto Finance through the private placement route in Feb 2006. The company has also allotted securities to several other financial investors including foreign institutional investors. FII holding in Bajaj Auto Finance has gone up 280% from 6.29% on Dec. 31, 2005 to almost 24% on March 31. Western Maharashtra Development Corporation (WMDC), the investment arm of the state government in Maharashtra Scooters (MSL), invested in Bajaj auto limited in the beginning of the first quarter of FY 07. Investments in the Bajaj group include 3.38 million shares in Bajaj Auto, 1.02 million shares in Bajaj Auto Finance and 1.25 million shares in Bajaj Hindustan.
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