Business Daily from THE HINDU group of publications
Wednesday, May 21, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, May 21, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Rights Issue Bharat Forge to raise Rs 400 cr by rights issue Our Bureau Mumbai, May 20 Bharat Forge Ltd has shelved its Rs 300-crore preferential issue to promoters and decided to go in for a Rs 400-crore right issue. In a notification to stock exchanges, the company said instead of preferential issue, an issue of non convertible debentures with detachable warrants, convertible into equity, to existing shareholders will be made. The pricing and the other terms and conditions of the issue shall be determined by a board committee appointed by the board of Bharat Forge Ltd, the company said in a release issued to the BSE. The company had in February decided to go in for a preferential issue of convertible warrants to promoters to raise Rs 300 crore. Bharat Forge’s share closed 0.9 per cent down on the BSE at Rs 295.3 on Tuesday. In the last one month it moved up 1.84 per cent. On Febraury 27, when the company announced the preferential allotment the share price was Rs 285.6. The company had indicated that the funds would be utilised for its organic growth programme and its plans in the non auto space. More Stories on : Rights Issue | Bearings | tings & Forgings
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