Secondary Issues
Bharat Forge raises Rs.1,650-Cr via QIP
Pune-based Bharat Forge Ltd completed a Qualified Institutional Placement (QIP), raising INR 1,650 crore. The issue attracted bids exceeding 10 times the issue size.Kotak Mahindra Capital Company and Morgan Stanley India Company served as book running lead managers for the issue. Khaitan & Co. provided legal counsel for the transaction, with Shardul Amarchand Mangaldas & Co. and Freshfields Bruckhaus Deringer advising the lead managers.More than 90% of the allocation was directed to domestic and foreign long-only funds and insurance companies. The issue was priced at INR 1,320 per share, slightly below the SEBI-determined floor price of INR 1,323.54.The proceeds will be primarily used for debt repayment and funding previously announced acquisition initiatives.Bharat Forge is a global player in manufacturing high-performance components. It operates in five countries and has expertise in sectors including automotive, power, defense, and aerospace.
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