Bharat Forge board approves proposal to raise Rs 500 crore via NCDs

The company's board has discussed and approved the issuance of 5,000 listed, rated, unsecured, redeemable, NCDs of face value Rs 10 lakh each

Auto components major Bharat Forge on Wednesday said its board has approved proposal to raise Rs 500 crore by issuing securities on a private placement basis.

The company's board has discussed and approved the issuance of 5,000 listed, rated, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each aggregating to Rs 500 crore on a private placement basis, Bharat Forge said in a regulatory filing.

The company, however, did not share details about the reasons for raising the capital.