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Bharat Forge rights issue placed at 1:20

Our Bureau

Mumbai , March 12

BHARAT Forge Ltd on Friday informed BSE that its proposed rights issue would be in the ratio of one equity share of Rs 10 each for every 20 equity shares of Rs 10 each held on a record date to be notified later.

The rights shares would be in the price band of Rs 550-660 per equity share (including premium), the exact price to be firmed up in due course. The decisions were taken at a meeting of its board-empowered committee looking into the terms and conditions of the proposed issue.

Further, for every two equity shares offered and allotted on rights basis, the allottees will be given one detachable warrant entitling the recipient to one equity share of Rs 10 on conversion. The warrants will be issued free of cost.

The conversion of warrants will be after the expiry of 12 months but not later than 24 months from the date of allotment. The exercise price will be at 15 per cent discount to the average price of the previous three months' closing price, subject to a floor price of at least Rs 1200 per warrant.

The company will have a call option for conversion between 12-18 months from allotment date at the earlier mentioned warrant exercise price. "The exact conversion price shall be finalised later," Bharat Forge's statement to the bourse said.

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