Bharat Forge Limited announced the successful closure of its Qualified Institutional Placement (QIP), raising ₹1,650 crore. The issue, priced at ₹1,320 per share, witnessed a remarkable oversubscription of over 10 times, reflecting robust investor confidence.
Key Highlights:
- Demand: The QIP saw significant interest from marquee domestic and foreign institutional investors, with over 90% allocation to long-only funds and insurance companies.
- Utilization: Proceeds will be deployed for debt repayment and funding Bharat Forge’s inorganic growth initiatives.
- Pricing: The floor price under SEBI ICDR was set at ₹1,323.54 per share.
Leadership Commentary:
Amit Kalyani, Vice Chairman and Joint Managing Director of Bharat Forge, expressed gratitude to investors, emphasizing the company’s commitment to transformational growth and delivering enhanced value to stakeholders.
Advisory Team:
Kotak Mahindra Capital Company and Morgan Stanley India served as Book Running Lead Managers, while legal advisory was provided by Khaitan & Co., Shardul Amarchand Mangaldas & Co., and Freshfields Bruckhaus Deringer.
About Bharat Forge:
Headquartered in Pune, Bharat Forge is a global leader in high-performance engineering solutions across automotive, power, aerospace, and defense sectors, with operations spanning five countries.
