New Delhi: Diversified finance company Bajaj Finserv said it plans to raise 941 crore through a rights issue to fund its business growth.

Issue of equity shares on a rights basis to its existing equity shareholders would aggregate to 941 crore approximately, Bajaj Finserv said in a filing on the BSE.

The Pune-based company has priced the proposed issue at 650 per share. The rights issue entitlement ratio is one equity share for every 10 shares held as on the record date.

The holding company, which is present in segments like lending to finance consumer durables, equipment and both life and general insurance, plans to plough the money to fund its share in its non-banking subsidiary.

The company has fixed September 8, 2012, as the record date for the purpose of proposed rights issue of equity shares.

The special committee constituted by the board also took note of the approval received from the FIPB (foreign investment promotion board) on August 2, 2012, it said.

FIPB's approval is for the issuance and allotment of equity shares up to 10.4 percent of the equity of the company to persons resident outside of India including FIIs, NRIs and holders of Global Depository Receipts pursuant to the rights issue, it added.