Bharat Forge announced the successful fund raise of Rs 1,650 crore with the closure of its qualified Institutional Placement (QIP) on 9 December 2024.
The issue witnessed significant interest across Domestic & Foreign Qualified Institutional investors resulting in more than 10X demand of the issue size. More than 90% allocation was made to marquee Domestic & 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.
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