Pune: Bharat Forge Limited has successfully concluded its Qualified Institutional Placement (QIP), raising ₹1,650 crores.
The issue, which closed on December 9, 2024, attracted robust demand from both domestic and international institutional investors, oversubscribing by more than 10 times the original issue size.
A majority of the allocation, over 90%, went to prominent domestic and global long-only funds and insurance companies.
Shares were issued at ₹1,320 each, slightly below the SEBI-mandated floor price of ₹1,323.54 per share. Bharat Forge intends to use the funds raised to repay debt and support its previously announced plans for inorganic growth.
Commenting on the success, Amit Kalyani, Vice Chairman and Joint Managing Director of Bharat Forge, said, “We are grateful to our existing and new investors for their overwhelming response and confidence in our vision.
This marks an important milestone in our transformational journey, and we remain committed to delivering value and growth for all our stakeholders.”
Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited acted as Book Running Lead Managers for the QIP. Khaitan & Co provided legal counsel to Bharat Forge, while Shardul Amarchand Mangaldas & Co. and Freshfields Bruckhaus Deringer represented the BRLMs.
