Business EconomyPosted at: Dec 10 2024 8:23PM


Bharat Forge raises Rs 1,650 crore for debt repayment, growth initiatives

New Delhi, Dec 10 (UNI) Bharat Forge Limited has raised Rs 1,650 Crores with the closure of its qualified Institutional Placement (QIP). The issue witnessed significant interest across Domestic and Foreign Qualified Institutional investors resulting in more than 10X demand of the issue size.
More than 90 percent allocation was made to marquee Domestic and Foreign long-only funds and Insurance Companies. The issue of the QIP was done at Rs 1,320 per share while the floor price as per SEBI ICDR was Rs 1,323.54 per share. The QIP proceeds will be utilized for debt repayment and funding of earlier announced inorganic growth initiatives, the company said in a release.
Amit Kalyani, Vice Chairman & The Jt. Managing Director, commented “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 delivering enhanced growth creating value for all the stakeholders “.
Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited acted as the Book Running Lead Managers (BRLM) for the issue. Khaitan & Co acted as the legal counsel to Bharat Forge while Shardul Amarchand Mangaldas & Co. and Freshfields Bruckhaus Deringer acted as legal counsel to the BRLM’s.
Bharat Forge Limited, a Pune-based Indian multinational, is a technology-driven global leader in providing high-performance, innovative safety critical components, and solutions for several sectors including automotive, power, oil and gas, construction & mining, rail, marine, defense, and aerospace. BFL has global manufacturing footprint with a presence across five countries, with the largest repository of metallurgical knowledge, and offers full-service supply capability to its geographically dispersed marquee customers from concept to product design, engineering, manufacturing, testing, and validation.
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Tags: #Bharat Forge raises Rs 1#650 crore for debt repayment# growth initiatives
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