| Company | Value | Change | %Change |
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In an exchange filing on Monday, the company said that it has approved the issue and allotment of 1.25 crore equity shares of the company to 95 eligible institutional buyers.
The issue price of the QIP has been fixed as ₹1,320 per share, which is nearly at par with the floor price.
Domestic Mutual Funds such as ICICI Prudential, HDFC MF, Aditya Birla Sun Life, were some of the major participants in the QIP.
| Fund House | % Of QIP Shares |
| ICICI Prudential MF (Various Schemes) | 11.82% |
| HDFC MF (Two Schemes) | 6.66% |
| Aditya Birla Sun Life MF (Various Schemes) | 9.39% |
| Nippon India MF (Various Schemes) | 10.60% |
| SBI MF (Various Schemes) | 11.81% |
| Government Pension Fund Global | 6.67% |
| Mirae Asset MF (Various Schemes) | 9.23% |
Post the issue of these shares, the total paid-up equity share capital of the company now stands at ₹95.61 crore, comprising of 47.88 crore equity shares of face value of ₹2 each.
In an interaction with CNBC-TV18’s Nigel D’Souza during the 20th India Business Leader Awards, Bharat Forge CMD Baba Kalyani said that a large part of the QIP proceeds will be used for expanding capacity.
The company is also in the midst of an M&A plan which some part of the money will be used for, while the rest will be used to pare down the company’s debt globally.
“We are focussing on domestic companies first (when quizzed about the M&A target) because we see much higher growth opportunities in the Indian markets. No other market is growing at the pace as India is. So the growth is here. The opportunity is here,” Kalyani said.
Shares of Bharat Forge ended 0.6% higher on Monday at ₹1,362.5. The stock has risen 9% so far this year.
