Bharat Forge to raise $150 million

Bharat Forge Ltd has announced that the shareholders of the Company had, by their resolution dated October 01, 2009 approved an issue of securities not exceeding US$150 million. No securities have been issued pursuant to this resolution as on date. The Board of Directors at its meeting held on January 12, 2010, approved an issue of securities including Equity Shares and Non Convertible Debentures with Warrants not exceeding US $ 150 Million through any permissible route including through a Qualified Institutions Placement.

The final proportion, amounts, price and terms of issue would be determined in consultation with the Merchant Banker(s) and as per the SEBI regulations as applicable.

The Company would now seek the approval of the shareholders through postal ballot for the issue of above securities. The Company would take appropriate follow up action on receipt of the approval from the shareholders. The Shareholders' Resolution when passed will supersede in its entirety the shareholders' resolution of the Company dated October 01, 2009 and will not be in addition to the issue of securities approved earlier.

The stock closed the day at Rs.282.10, down by Rs.1.75 or 0.62%. The stock hit an intraday high of Rs.287.50 and low of Rs.281.

The total traded quantity was 133638 compared to 2 week average of 235924.

Source : Equity Bulls

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