Bharat Forge Limited announced the successful closure of its Qualified Institutional Placement (QIP) on December 9, 2024, raising ₹1,650 crore. The QIP witnessed a demand with over 10 times the issue size subscribed by both domestic and foreign institutional investors. The company allocated more than 90% of the shares to prominent long-only domestic funds and insurance companies.
The shares were priced at ₹1,320 each, with the floor price as per SEBI’s ICDR guidelines at ₹1,323.54. The proceeds from the QIP will be directed towards debt repayment and funding previously announced inorganic growth initiatives.
Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited served as the Book Running Lead Managers (BRLM) for the issue. Legal advisors included Khaitan & Co. for Bharat Forge, and Shardul Amarchand Mangaldas & Co. and Freshfields Bruckhaus Deringer for the BRLMs.
The Vice Chairman and Jt. Managing Director, Mr Amit Kalyani, stated, “We are thankful to the existing and new investors for the overwhelming response to the capital raise and for reaffirming their trust in the management in the transformational journey we are undertaking. We are committed to deliver enhanced growth creating value for all the stakeholders.”
On December 10, 2024, Bharat Forge share price opened at ₹1,370.00, touching the day’s high at ₹1,375.90, as of 10:00 AM on the NSE.
Bharat Forge Limited (BFL) is a Pune-based Indian multinational company. It is a technology-driven global leader in offering high-performance, innovative safety safety-critical
components and solutions for several sectors which include power, marine, automotive, oil and gas, rail, construction & mining, defence and aerospace.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 10, 2024, 11:52 AM IST
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