Bharat Forge gains on raising Rs 1,650 crore through QIP
Bharat Forge is currently trading at Rs. 1366.40, up by 3.20 points or 0.23% from its previous closing of Rs. 1363.20 on the BSE.
The scrip opened at Rs. 1365.15 and has touched a high and low of Rs. 1376.70 and Rs. 1360.50 respectively. So far 3149 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1826.20 on 21-Jun-2024 and a 52 week low of Rs. 1063.40 on 13-Feb-2024.
Last one week high and low of the scrip stood at Rs. 1397.75 and Rs. 1342.50 respectively. The current market cap of the company is Rs. 63645.97 crore.
The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 45.19% and 9.55% respectively.
Bharat Forge has successfully raised Rs 1,650 crore with the closure of its qualified Institutional Placement (QIP) on December 09, 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.
Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.
