Bharat Forge raises ₹1,650 crore through QIP

Bharat Forge Ltd said it has raised ₹1,650 crore via Qualified Institutional Placement (QIP).

“The issue witnessed significant interest across Domestic & Foreign Qualified Institutional investors resulting in more than 10 times the demand of the issue size,” the company said. 

“The issue of the QIP was done at ₹1,320 per share while the floor price as per SEBI ICDR was ₹1,323.54 per share. The QIP proceeds will be utilised for debt repayment and funding of earlier announced inorganic growth initiatives,” the company said. 

Amit Kalyani, Vice Chairman & Joint Managing Director said, “We are committed to deliver enhanced growth creating value for all the stakeholders.”