Bharat Forge to launch QIP; sets floor price at ₹1,323.54

5 Dec 2024 , 09:04 AM

Bharat Forge Ltd has approved the launch of its Qualified Institutions Placement (QIP), with a floor price of ₹1,323.54 per share. The company’s Investment Committee reached the decision during a meeting on Wednesday, following earlier approval from the Board of Directors and shareholders via a postal poll.

The floor price has been calculated in compliance with Securities and Exchange Board of India (SEBI) laws, and the ‘Relevant Date’ for the offering is today, December 4, 2024. Bharat Forge may offer a reduction of up to 5% on the floor price, according to a special resolution passed by shareholders on November 8, 2024.

Bharat Forge will submit the preliminary placement paperwork to BSE Ltd. and NSE on Wednesday. The business also stated that its trading window has been locked since September 25 and would remain so until further notice, primarily for the Qualified Institutions Placement (QIP) procedure. 

The company reported revenue and net profit for the September quarter that were lower than analysts expected and largely unchanged year on year.

Revenue for the quarter remained practically steady at ₹2,246 Crore, compared to ₹2,249 Crore in the same time last year. Net profit increased by 4.4% to ₹361.1 Crore compared to ₹346 Crore in the same period last year.

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