Bharat Forge to raise Rs 300 crore through preferential offer to promoters
27 Feb 2008
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The board of directors of Kalyani Group flagship Bharat Forge today approved a preferential issue of convertible warrants subject to shareholder and statutory approvals.
Pricing of the issue will be governed by the guidelines for preferential issue in terms of the applicable SEBI guidelines.
Bharat Forge will raise Rs300 crore through the issue of these convertible warrants. The proceeds will form a part of the corpus that will serve a two-fold purpose of funding the company's ongoing organic growth programme in the capital goods and non-auto sectoras well as enhancing the promoters' stake in the company.
