Bharat Forge Raises Rs 1,650 Crore Through QIP

Bharat Forge Ltd successfully raised Rs 1,650 crore through its qualified institutional placement, priced at Rs 1,320 per share. The high demand, exceeding ten times the issue size, reflects strong interest from investors. Proceeds will fund debt repayment and earlier announced growth initiatives.

Bharat Forge Ltd has successfully raised Rs 1,650 crore following the closure of its qualified institutional placement (QIP) on Tuesday.

The QIP, which closed on Monday, was offered at Rs 1,320 per share, slightly below the regulatory floor price of Rs 1,323.54, according to company statements.

Investor interest was strong, with demand surpassing ten times the issue size. The funds will go towards debt repayment and previously announced inorganic growth strategies.

(With inputs from agencies.)