Bharat Forge raises Rs 1,650 crore through QIP

Auto components major Bharat Forge Ltd on Tuesday said it has raised Rs 1,650 crore with the closure of its qualified institutional placement (QIP).

The issue, which closed on Monday, was priced at Rs 1,320 per share while the floor price as per regulatory requirements was Rs 1,323.54 a share, the company said in a statement.

The issue witnessed significant interest across domestic and qualified institutional investors resulting in more than ten times demand of the issue size, it added.

The QIP proceeds will be utilised for debt repayment and funding of earlier announced inorganic growth initiatives, the company said.