Bajaj Finserv’s board has approved an investment of up to Rs 5,800 crore in warrants convertible into equity shares of its subsidiary Bajaj Finance. The investment will be made through a preferential allotment on a private placement basis. The move is aimed at supporting Bajaj Finance’s proposed capital raise. The investment comes as Bajaj Finance plans to raise up to Rs 11,700 crore through a Qualified Institutions Placement (QIP). Bajaj Finance’s board has approved the issue of equity shares with a face value of Re 1 each to qualified institutional buyers.