Bharat Forge to consider raising $150 million

Bharat Forge Ltd has announced that a meeting of the Board of Directors of the Company will be held on January 12, 2010, inter alia, to issue securities for an amount not exceeding US$ 150 Million (with or without Greenshoe option) subject to necessary shareholders approval. The proposed issue of securities will supersede the earlier resolution of the Board of Directors dated August 18, 2009 and the Shareholders' Resolution (if passed) will supersede the shareholders' resolution of the Company dated October 01, 2009.

The stock closed the day at Rs.282.90, down by Rs.5.50 or 1.91%. The stock hit an intraday high of Rs.290 and low of Rs.281.10.

The total traded quantity was 130699 compared to 2 week average of 248303.

Source : Equity Bulls

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