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00:00Hello and welcome. Thank you for tuning in to Talking Point. This one is going to be
00:14a special one. You've got a big listening happening in a few minutes from now and then
00:18of course, our conversation with market guests to understand what happens in this very, very
00:22busy event every week. But first up, Shweta Daptardar, Vice President of BFSI Ilara Securities
00:29joins in to talk to us about what you should do if you own Bajaj Housing Finance or whether
00:36you want to buy Bajaj Housing Finance. Hi, Shweta. I guess you had a busy last few weeks.
00:42This is one of the biggest listings of our times, oversubscribed to the tune of one percent
00:47of India's GDP. Today, the stock is expected to get a hundred percent listing gain, which
00:54will take Bajaj Housing Finance to market cap to over a lakh crore of rupees. If one
01:01gets a hundred percent gap up and they've been lucky to get subscription, what do you
01:07recommend they do? And what happens to those investors who weren't lucky enough but were
01:12looking to buy Bajaj Housing Finance? Should they do it this morning?
01:16Good morning, Tamanna. So as you rightly pointed out, this is happening to be one of the biggest
01:24listing, especially in the housing finance space after a long time. So Bajaj Finance
01:29today ranks almost second largest HFC in the space just after LIC Housing Finance with
01:36almost 970 odd billion book as we speak. Given the fact that the listing per se has been
01:43quite bumper and the initial market valuation, which was touted to be around 59,000 to 60,000
01:51odd crores, would now almost reach one lakh odd crores, as you rightly pointed out. It
01:57still maintains the attractiveness that is associated with the entire organization or
02:05the stock valuation for that matter. So at the one lakh valuations per se, you will see
02:12price to book somewhere closer to almost 4x trailing and closer to 3x forward multiple.
02:20But even despite the premium valuations, we continue to believe that Bajaj Housing Finance
02:26will maintain its premiumization given the fact that it has a very strong management
02:31pedigree. It functions on an omnichannel network system for its sourcing of customers. It is
02:38having one of the best credit ratings today, which is AAA, which gives its benefit on the
02:44cost of funding. So we continue to believe there is lots to benefit to the investors,
02:49both, you know, who would grab this and best luck for those who would miss out.
02:57That is actually Samina, not Tamanna. She will talk to you in a minute from now. And of course,
03:02we can always sit here and talk about the strengths and the leverage that Bajaj Housing
03:07Finance will have from its group companies, the fact that they have such a healthy book,
03:12the fact that they have about 45 odd lakhs average ticket size, which is better than
03:17the industry. But one concern apart from expensive valuations that some may have is the fact
03:23they have got a high loan to value number, which largely means the lender has a higher
03:28risk in case the asset price declines. Are you concerned about that? Do you feel like
03:33that is one area or the only negative that potentially could make an investor slightly
03:40more circumspect as the valuations continue to get stretched?
03:45To understand the product mix and the LTVs respectively. So if you look 58% of the Bajaj
03:52Housing Finance book is concentrated in home loans, which has higher LTVs. Now, 58% of your
03:59book, which is salaried home loans, has 86% of the customer base with a Sibyl score of 750 plus.
04:07So there itself, the customer vulnerability is taken care of because you are focusing on
04:12mass affluent customer base. If you look at the LAP and the LRD profile, so LAP is another 10-11%
04:19of the book. 19-20% is LRD as a percentage of your overall book. There, if you look at the LTVs,
04:27they have been restricted to 15%. So if you look at the overall portfolio in perspective,
04:33so it is very much strong from the credit risk perspective, given that 86%
04:41of the customer base on the salaried home loan side has 750 plus Sibyl score.
05:04Listing here for Bajaj Housing Finance, the big one, while the other two are sedate,
05:09but 118% upside for Bajaj Housing Finance on this thing.
05:15Yeah, so 124% for Bajaj Housing Finance. This is stellar stuff. We just get the other two before
05:21we focus on Bajaj Housing Finance again, but just the pricing of the other two very quickly,
05:263% lower for Cross and 6% for Tollins. Not bad for Tollins, but just that it dwarfs comparison
05:32to the 150%. It's quite sad for a listing, but this is just the first listing moment. I think
05:39we should just cut full frame for a few seconds to the pictures of Sanjeev Bajaj there and the
05:44Bajaj Housing Finance listing. They're still sitting there at the podium. Still standing
05:48there at the podium, of course, taking in all of those congratulations. This is, in that sense,
05:56a historical listing because yes, we are flush in the middle of IPOs, but quantity doesn't equal
06:03quality always. And this is a quality paper that's available. Shweta Daptardar with us.
06:08Shweta, hi, Tamanna here. And so great to speak with you this morning, especially in all things
06:13Bajaj Housing Finance. Now that we have a number, at least initially 160 rupees,
06:18and you answered briefly the question of what should you do if you have allocation.
06:22I'm going to ask you that again now that we know it's a 160, 130% up, 160 rupees for a 70 rupees
06:28share. What do you do if you didn't get allocation by today? Wait, wait for it to settle down. What
06:34should be the strategy there? Definitely, despite the bumper listing, the underlying tailwinds
06:42remain very positive and robust for the entire housing finance space, let alone the Bajaj Housing
06:47Finance. And look, we are talking about almost 90, like I mentioned, 970 billion odd book,
06:54which is diversified across all the segments covering the entire housing finance spectrum.
07:00So, be it housing loans, home loans, prime, affordable and salaried, be it LRDs, which is
07:06lease rental discounting, loan against portfolio, and even developer financing. Market is also not
07:12today factoring in the stable footing of real estate developer financing portfolio, which is
07:20back in reckoning. So, there is lots to gain from housing finance stocks going forward, and it's
07:26just the beginning for Bajaj Housing Finance. So, one should wait for the subscription and rather
07:33should jump into the stock with every correction, if there is any. Suppose there is no correction,
07:40I'm seeing a 151 right now. Very quick, clear answer, Shweta, to my question. Right now, if
07:46you're sitting, you know, you got your refund, didn't get the allocation. Am I buying or am I
07:50not buying? You should be buying. Okay. Definitely buying. Okay, that's great. What about other
07:57housing finance companies, which are also lifting on that wave? There's a revaluation, re-rating of
08:02all of them. Which ones of those should I look at? Yes. So, as you rightly pointed out, Bajaj
08:08Housing Finance listing is helping the wave to ride for other housing financiers as well. So,
08:13like I said, you know, the biggest one, which is around 2,900 billion odd book, as we speak,
08:19is LIC Housing Finance. We have P&P Housing Finance, which is around 720 odd billion book.
08:26But if you look at from the valuations perspective, so definitely, despite Bajaj
08:30Housing getting listed at premium valuations, we have few other names like P&P Housing Finance,
08:36Canfin Homes, which slightly better and relatively placed in the entire housing finance
08:42space. Like said, given the underlying trends being very positive, we continue to believe
08:48most of these housing financiers are going to ride the wave. And the key differentiation between each
08:56of these names is going to be superior growth and earnings. So, if you look at Bajaj Housing Finance,
09:01between FY21-24, the company has clocked 33% AUM CAGR and as high as 56% earnings CAGR. So,
09:10it is one of the most supreme growth led entities with a diversified franchise. I would definitely
09:17place bets on diversified housing finance entities and their P&P Housing Finance definitely fits the
09:24bill. You know, guys, just the valuation picture that Shweta was talking about at the IPO price,
09:30and we have those graphics, by the way, so we'll put them up. At the IPO price, Bajaj Housing Finance
09:35was at 2.9 times. Avas 3.1 times, Aptas 3.6 times, Aadhaar 2.9 times, P&P Housing, and she spoke
09:44about 1.8 times. Now, P&P Housing has gone up 3-4% today. So, let's assume it's trading at around
09:49two times multiples, give or take a few, right? Bajaj Housing Finance is six times. So, there is
09:55a significant premium that this one has over P&P, and granted, the nature of the franchise
10:00is different, and that is where the difference in valuation comes in. Shweta, the other question is,
10:09non-housing finance, are there other NBFCs which are better placed to buy into,
10:16or is your favorite clux of NBFC stocks, are they the housing finance companies?
10:23So, we at Alara Securities definitely take calls on credit and business cycles. So, the current
10:28cycle, which is led by retail credit, definitely stands very strong for housing finance space,
10:34and for gold financiers per se. So, if you look at the tight liquidity conditions for banks,
10:40they definitely pay better game and room for housing financiers and gold financiers to outperform.
10:47On the other hand, we have seen this cycle being very strong for wholesale financiers and power
10:54financiers given the fact that asset quality pressures have stabilized for them for last
10:59two to three years. So, in the entire NBFC finance space… Shweta, allow us to just
11:06interact for a minute because the Bajaj Housing Finance press conference is on. Let's cut across.
11:18I think this will start in a minute, and we'll cut across to what Sanjeev Bajaj has to say. But,
11:30Tabanna, this is what dreams are made of, right? Of a business which started off as one company
11:36years back, it shows into insurance, that got into consumer lending, has now a mutual fund arm,
11:42which is fairly large and developing, has a housing finance business which is listed.
11:47The journey of Sanjeev Bajaj over the last 15-20 years has been remarkable.
11:52Exemplary, and it's not ending there, right? Yes, it's not.
11:55He says that, I want to be part of the financial needs of
11:59every Indian throughout that life cycle. Let's listen in, actually, to that Q&A.
12:03First one, your book is very close to that 1 lakh crore mark, about 97,000 crores.
12:09Three years, CAG at 31%, five years, CAG at 29%, much higher than what your peers have been doing.
12:16What I want to understand is that, till when do you expect this kind of strong growth to continue,
12:22that is upwards of about 28% to about 31%? When does the growth start normalizing slightly,
12:30or do you think this is the normalized growth for the business that you've been doing?
12:35Can you double that book in the next four years,
12:38just going by the growth that you've been doing so far?
12:41Next question is on the NIM outlook. I just want to understand what kind of margins do you foresee
12:46yourself? Now that you're listed, you'd be able to share some numbers on that front.
12:51As banks are seeing a drop in their CASA ratio, down the line, do you expect that impact to come
12:58on your NIMs also, because it's become costlier for you to raise funds from the banks also?
13:03In that case, what are the alternate measures in terms of the tweak to your borrowing mix that
13:08you're looking at? Final question, seven years, we've had Bajaj finance, housing finance listed.
13:15I understand there was a certain amount of input that came from the regulator as well.
13:20You have another two subsidiaries, the life insurance, general insurance regulator there
13:26has been saying that the companies which complete 10 years should look at listing.
13:30Which one out of those two and by when could we see them getting listed, them becoming public as
13:37well? Thank you so much. Let me just start first by thanking our shareholders, our investors
13:44and everyone that's contributed for this listing today of Bajaj housing finance.
13:49We are truly overwhelmed by the response that we are seeing over the last couple of minutes.
13:56I'll take the question on growth and then Atul will take the question on margins, those are the
14:00two relevant ones. We've had very strong growth, but this is in the background of a very strong,
14:07consistently growing economy. And if you look at credit cycles in India, we expect steady credit
14:14growth at 12 to 15% in the housing industry. And on the back of that, we are enthused that
14:21we can continue to grow strongly. The economy is showing very strong tailwinds and that's what
14:28gives us this comfort. Atul will take the margin question. See, we are a variable rate company,
14:36our assets are variable which are largely linked to a floating rate which is linked to our
14:41cost of funds and the liabilities are also largely variable. So, on a steady state basis,
14:46through the cycles, mortgage companies generally have a steady state margin. So,
14:50we do not expect any impact on margins from the listing, whether positive or negative,
14:55because that was from a cost of fund perspective, because we had already been a
14:59highest rated domestic rated company and our cost of funds are relatively quite competitive compared
15:04to the market. And with a variable rate asset size, the NIMS are likely to remain stable,
15:09like in case of all variable asset companies. We do not see the credit deposit ratios,
15:16what the question you called out on, if they are deteriorating further in terms of a mix.
15:20We have a healthy mix of bank borrowings and the money market in our book and we expect it to
15:25continue. We are talking about Bajaj Housing Finance. We will take that another time.
15:33Thank you so much.
15:36Hi sir, Ankur Mishra from ETNow. First question to you Mr. Bajaj and I will come for the second
15:43question later. I want to ask that now that shareholders, the prospective shareholders
15:49have become shareholders now and they have rewarded with you with a bumper list. Now for
15:54them, what should they expect in next one to two years from Bajaj Housing Finance? Is there going
15:59to be any kind of dividend? What kind of promises do you want to make for shareholders?
16:04Well, we have just listed the company as you said correctly a few minutes ago and
16:09we are thrilled with where we are. Shareholders should expect a business that grows with high
16:16quality, a high level of corporate governance that brings the right blend of technology in
16:23this particular business and sustainable sustained growth with high focus on quality
16:30of the business and a diversified book is what we look forward to building.
16:36To you Mr. Jain, I want to understand you mentioned about the borrowing mix
16:40from banks as well as other options. But with the kind of scrutiny and the new norms which
16:45is coming from Reserve Bank of India, can we expect some kind of change in terms of ratios
16:51how will we borrow? See, we borrow at a particular point of a time looking at the
16:57market availability and also optimization of our PLM and optimization of our cost of funds.
17:02So, there is no standard at a point of a time what happens. So, the calls are taken by the
17:07treasury team on the market scenario like I called out to the earlier question. We do not envisage
17:12given our rating and given the confidence of the lenders which whether in the money market or in
17:18the banking space have on the overall Bajaj and Bajaj housing finance there. We do not expect the
17:24challenges to be there in raising the money because regulators requirement had been towards
17:28increasing risk weight to other category of companies not the housing finance companies.
17:32So, we do not expect a challenge in terms of maintaining the balance.
17:40Firstly, I want to congratulate Bajaj on this thing. My question to you is Sanjeev that how
17:47do you assess the demand for affordable housing going because it has been lacking with respect
17:52to female housing and do you see the rate cuts will have an effect on this and also what is the
18:00plan for the promoter holding the long term view and my last question is that the merger
18:05of HDFC Limited and HDFC Bank has it reduced the competition intensity on ground?
18:12So, I will have Atul answer some of the operational questions, but let me say as
18:15promoters and as promoter group we are strongly supportive and highly confident
18:22on this business and this company. We know as per listing requirements within three years
18:29promoter shareholding has to come down to 75% and that is something that we will look
18:34to doing in the coming years. Atul, over to you.
18:36On affordable, your question see given India in recent part it is correct what you have called
18:41over the premium housing growth had been higher than the affordable housing, but given very strong
18:46government focus on housing for all, very strong schemes what we have seen from the budget what
18:50have come and on the ground demand from aspiring India, we believe affordable housing finance or
18:56affordable housing demand would be far more in the coming years as we go from here.
19:08So, rate cuts do not necessarily tickle the demand up like we have not seen rate increases
19:16tickle down the demand that is what we saw because again it being a variable rate business I think
19:21the borrowers and the people when they decide to buy a house they know that the rates are
19:26subject to going up and down because in India it is a full variable or a floating rate mortgages
19:31what we run. So, it is a part of the cycle. Generally, decision for buying a house is
19:36not deferred or not pre-pooned because of the pricing in our observation.
19:47HDFC still is present in the mortgage space. So, they have changed the corporate entity from an
19:52HDFC limited now they do the mortgage business in HDFC bank. So, the situation remains there and
19:56they remain one of the largest players in the mortgage industry even today.
20:23Sector growth in the coming years is likely to be 12 to 15% which itself is very strong.
20:32Our growth has been higher than that in the last few years. The reason for this is one,
20:38it is a combination of a diversified book that we have built across multiple customer segments.
20:44Second, it is the way we leverage technology and data for a seamless customer experience
20:52in taking on a home loan. And third is the focus of the management to build a good quality
20:59long term business. So, according to us these are all ingredients that continue to be there.
21:07Atul ji, my next question is that if we talk about the strategy change,
21:10then if we focus on home loan and developer loan,
21:14then in which segment are we expecting to see the most growth?
21:18See, we have been in all the four segments, whether it is home loan or developer finance or
21:24lease until discounting or loan against property. We have been in all the segments from the beginning.
21:28And because we are registered as a housing finance company, our dominant portion of book
21:33as a regulation will be home loan and continues to be home. It is still
21:37also home loan and will continue to be home.
22:03So, I will say that the retail shareholders who have come, we are very grateful to them.
22:24And our effort has been to build a high quality business going forward.
22:30And we look forward to having you with us as long term shareholders,
22:35like you have been in so many of our other companies.
23:00And like with every other Bajaj company, our aim is to build high quality institutions
23:26and we hope that the markets will recognize that.
23:33First of all, congratulations, sir.
23:34The kind of response we have seen in the market,
23:37such a great listing has taken place.
23:39What an overwhelming situation it is.
23:41Seeing the trust of the investors in this field,
23:43along with seeing the brand, the investor has shown trust.
23:48Very clearly, the interest and trust of the investors has been there.
23:53This is very humbling for us.
23:55We had not expected for it to open where it did.
24:00It also puts additional responsibility on the management and the board,
24:04that the way we have built a quality business in the last seven years,
24:10in the same way, we move ahead and we play a very significant role,
24:17not only in the housing business, but through that,
24:19in helping taking credit across India in the coming years.
24:24Sir, at this time, the repo rate is at its all-time high.
24:28How are you expecting the rate of growth and how can this impact your business?
24:33And how are you planning to overcome this?
24:38The increase in the repo rate is due to the macro of the country.
24:42And the pricing of the cost of funds and the banking system,
24:45the loans that we get or the loans that we can give in the future,
24:49are linked to this.
24:51Today's demand, as I said in the previous question,
24:54because our asset side is also variable,
24:56which is linked to our cost of funds.
24:58And the home that is built by the customers,
25:00because it is a long-term commitment,
25:02they know that through the cycle, the rates go up and down.
25:05And because the rates are linked,
25:08the rate goes up or down,
25:10we have not seen a lot of difference in demand.
25:15And as per what we are hearing or reading,
25:20the rate is expected to go down in the coming time.
25:25And there is no hope of going up.
25:30Hi, sir. This is Subhana Sheikh.
25:32I work with NDTV Profit.
25:34This is the first listing by Bajaj Group in nearly 30 years.
25:38Just wanted to understand, when can we see another listing?
25:42And Bajaj Housing Finance is playing on India's
25:47large residential real estate sector.
25:49So just wanted to understand with rates,
25:51interest rates expected to come down soon,
25:53how do you plan to evolve your business going forward?
25:56Well, a number of our companies have grown with capital
25:59that has come from their parent companies.
26:02As and when a business is ready to go to the markets,
26:05we take it there.
26:06And that's where we are today with Bajaj Housing Finance.
26:10When the next is, who knows?
26:12Hopefully, not in 30 years, but less, but who knows?
26:15Atul, you take the next one.
26:17On the rate of interest, again, like I called out,
26:20because the rate keeps going up and down in the market,
26:22so it doesn't make much difference in demand.
26:26It doesn't make much difference in profitability
26:27because both sides are structured to go up and down.
26:38Good morning, everyone.
26:40Hi, I'm Pratik from PDI.
26:42So your OPEX asset ratio has been improving
26:46in the last two to three years.
26:47So what measures company is taking to sustain that growth rate?
27:09All right.
27:25So that's the bumper listing of Bajaj Housing Finance.
27:29I mean, it was expected to be a good one
27:32and definitely has worked up to all expectations
27:35at about 158 now, 130% up and more.
27:43Shweta, you heard some of the things that Sanjeev Bajaj said,
27:47and of course, Atul Jain also said
27:49on how they see growth panning out.
27:52And that's really the question.
27:53Bajaj Housing Finance has had a fairly fast streak,
27:58a winning streak of growth in the last eight to nine years.
28:00The question is, how do you sustain that kind of AUM growth
28:03that they've had as well?
28:05And the competition that they've been seeing,
28:07do you see that pace sustaining?
28:10Yes, definitely.
28:12We certainly believe that this space is here to sustain.
28:15And there are two, three reasons if I could enlist here.
28:18One being the deep marketing strategy and penetration,
28:22especially in the non-home loans front.
28:24So be it LRD portfolio, be it developer finance portfolio.
28:29So BHFL is poised to go deeper markets,
28:32tap both internal as well as external sourcing
28:37through the enablers, through connectors,
28:39through their digital platforms,
28:41which they'll be banking upon.
28:43So there is a lot of scope there
28:45for increasing the AUM base right from the sourcing per se.
28:50Second, if you look at the entire entrenchment,
28:53so like I said, a diversified portfolio mix
28:56with a strong presence pan in here.
28:58So BHFL today operates out of 20 odd states
29:02in the country with a diversified mix.
29:04So as even Sanjeev Bajaj and Atul pointed out there,
29:08affordable housing finance market
29:09as we speak is 11 trillion odd loan market today,
29:14which is another segment which we believe
29:17Bajaj Housing Finance can do a lot of work there
29:20given the kind of risk strategy
29:23and the kind of inheritance they have
29:27in terms of risk management policies.
29:29So affordable housing finance space
29:31is going to be the second biggest trigger
29:34in terms of product diversification
29:36for Bajaj Housing Finance.
29:38And last but not the least, the execution.
29:40So look at the team, Atul Jain has been around
29:44for a good number of years.
29:46The entire executionary team
29:48and the kind of omnipresent strategy,
29:50which even I highlighted earlier,
29:53by which they are banking upon the digital platforms,
29:56digital sourcing platforms,
29:58and this coupled with physical branch network,
30:01which is highly penetrated,
30:02I think that will be the third biggest trigger.
30:05So we certainly believe 25 to 30% AUM CAGR
30:09stands eminent for next two to three years
30:11for Bajaj Housing Finance.
30:14So Shweta, so 158, 159 right now,
30:17do you have a target price for Bajaj Housing Finance?
30:23Yeah, it's a little too early
30:24considering that it has been a bumper listing.
30:26But yes, like we also pulled out the valuations,
30:29it's been pretty expensive.
30:32But let me tell you this, next two to three years,
30:36we are looking at very strong housing finance space.
30:39And as you must have heard, even Atul Jain,
30:41the kind of emphasis that has come
30:43both from the central and the state government side,
30:45the housing shortage, which we are staring at today,
30:48especially the EWS LIG category,
30:51wherein we are missing out on 60 trillion
30:55incremental housing loans,
30:57which these HFCs and affordable players can bank upon.
31:01So the space looks pretty robust.
31:03Yes, there are certain factors
31:06which differentiate each housing finance
31:08or each company from the other.
31:10But by coming to Bajaj Housing Finance,
31:13the premium valuations are here to stay.
31:15And we continue to maintain our bullish stance.
31:18All right, so Shweta there, very bullish
31:21on Bajaj Housing Finance.
31:23And yeah, I mean, it's difficult to have
31:26any other kind of point of view on a day like that.
31:30Thank you so much for speaking with us.
31:33She's Vice President, BFSI Elara Securities.
31:35And let's just pull up what's happening
31:37with Bajaj Housing Finance
31:38as it lists stellar bumper listing over there.
31:42Not too much that came out of that mini press conference
31:44that Atul Jain, AMD, and of course,
31:47Sanjeev Bajaj had as was expected.
31:49They welcomed and thanked all the investors, et cetera.
31:52And that's a par for the course.
31:54I think the true test will be the next quarterly numbers.
31:57And that's where we'll see
32:01whether these valuations are worth it.
32:03In fact, Harsh joining us for more on this.
32:04And Harsh, from here on, if you were to look forward,
32:07the bumper listing is done.
32:08But from here on, it becomes a question
32:10about living up to those expectations
32:12on the financials, isn't it?
32:13Absolutely, Tamana, you said it six plus times
32:16in terms of one year forward price to book,
32:18certainly not cheap anymore.
32:20But can this kind of valuation sustain?
32:23Mind you, the free float of the company fairly low.
32:26We did ask or rather we did hear the management talk
32:29about how promoter ownership will likely get diluted
32:32or will have to get diluted as per norms
32:35over the next three years.
32:36But at the moment, let's look at it for the moment,
32:3911 and a half odd percent
32:40in terms of the free float available.
32:44But out of that, a lot of it is locked in.
32:47For institutions, they are unable to sell,
32:50lock in of around 3% or so in terms of anchor book
32:56is yet to unwind over at least the next month
32:59or even beyond.
33:00So maybe a month from now, a percent and a half
33:03of that 11 and a half odd percent will get unblocked.
33:07Currently, around 6.4% only is what is available
33:11for trading.
33:12A lot of investors unlikely to take those gains home.
33:16At least the way in which analysts as well as the street
33:21is viewing this stock at the moment.
33:23And therefore, the free float is gonna be extremely low
33:26or the available float for sale
33:29is gonna be extremely low today.
33:32Very, very few people likely to book in to those profits.
33:36In fact, as per SEBI data,
33:38only 50% sell their shares on listing
33:42and likely because this is a larger group
33:44and the kind of gains Bajaj Finance has made over the years,
33:47the kind of reputation Bajaj Group has,
33:50that percentage may well be higher.
33:52There you go.
33:53The first anchor book opens 1.51%,
33:56which is around 12 and a half crore shares
33:58are likely to be released only on the 12th of October.
34:01So that may increase the float a little bit more,
34:05thereby giving the shares a lot more stability
34:08in terms of price.
34:10On 11th of December is when the second anchor book opens.
34:13So 3% more will likely be released by 11th of December.
34:17So keep that date in mind.
34:19Of course, we'll update you on those dates as well.
34:22But that's exactly what is playing out
34:24likely on the stock price even today
34:26and will continue to play out over the next month or so.
34:29Yeah, okay.
34:31Thank you for that.
34:32All right.
34:33Bumper listing in focus this morning.
34:35Thank you so much, Harsh, for joining us.
34:37That's all the time we have on this edition of Talking Point,
34:39but stay tuned, a lot more coming up on the other side.