Bharat Forge to raise funds through issue of securities

Bharat Forge Ltd has announced that the Board of Directors of the Company at its meeting held on May 20, 2008, inter alia, has reviewed its earlier decision for issue of warrants on preferential basis to Promoters' Group of upto Rs 3000 million and decided that instead of preferential issue, an issue of Non Convertible debentures with detachable warrants, convertible into equity shares, be made to the members of the Company on 'Rights' basis', each of the above securities not exceeding in value Rs 4000 million.

This is subject to required approvals being obtained, including approval of members of the Company and in accordance with applicable SEBI Guidelines. The pricing and the other terms and conditions of the issue/s, shall be determined by a Board Committee appointed by the Board of Bharat Forge Ltd.

The stock was trading at Rs.296.30, down by Rs.2.70 or 0.90%. The stock hit an intraday high of Rs.306 and low of Rs.288.10.

The total traded quantity was 135828 compared to 2 week average of 76812.

Source : Equity Bulls

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