Bharat Forge to raise $75 Mn

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Mumbai: The board of directors of Bharat Forge, the flagship company of the Kalyani group, Wednesday approved a preferential issue of convertible warrants to its promoters to raise 3 billion ($75 Mn).

The proceeds will go to a corpus towards funding its ongoing growth programme in capital goods and non-auto space as well as enhance promoters' stake in the company, according to an announcement Wednesday evening.

Part of the $2.1 billion Kalyani group, Bharat Forge is a leading global full service supplier of forged and machined engine and chassis components. Apart from being a leading chassis component manufacturer, it is also the country's largest exporter of auto components.

It is also engaged in manufacturing a variety of safety and critical components for passenger cars, commercial vehicles and diesel engines, aerospace, power, energy, railways, construction, oil and gas.

Bharat Forge has manufacturing facilities in 12 locations, including four in India, three in Germany, two in China and one each in the U.S., Sweden and Scotland.
Source: IANS
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