Bharat Forge raises Rs 2,000 crore via QIP at Rs 1,890 per share
BHARATFORG · price
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On the reaction day the stock moved 0.5 pts less than Nifty Midcap 150 and 0.6 pts less than its Auto Components & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bharat Forge allotted 1.05 crore equity shares at Rs 1,890 each to qualified institutional buyers, raising Rs 2,000 crore. The issue price carries a 2.96 percent discount to the floor price. Marquee allottees include Government of Singapore (16.81 percent), ICICI Prudential funds (10 percent combined), Invesco India, Axis Mutual Fund, Mirae Asset, DSP funds, and Societe Generale. Post-issue, paid-up equity capital rises to Rs 97.73 crore, expanding share count by about 2.2 percent.
Equity dilution of about 2.2 percent with strong institutional and sovereign investor demand, though priced at a small discount to floor price.