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Thursday, April 29, 2010

$140m QIP to fund non-auto foray: Bharat Forge

Speaking today, the company's Chairman and Managing Director Baba Kalyani said that the investors included a mix of Foreign Institutional Investors and domestic funds. The total equity dilution as a result of this issue will be to the extent of 7%, including warrants, Kalyani said.

The company will invest the proceeds for a foray into non-automotive segment and capital goods initiatives.

The QIP book, which was subscribed over 5 times, closed on April 22. The issue was a combination of equity, non-convertible debentures, and warrants. Citi, Kotak and Axis Bank were the bankers to the issue.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 25
19:30 New Home Sales Change (MoM) 2 -13.7% 9.6% Revised from 10.9%
19:30 New Home Sales (MoM) 1 0.623M 0.690M 0.722M Revised from 0.743M
19:30 Fed's Chair Powell testifies 3
20:00 EIA Crude Oil Stocks Change 1 -5.836M -0.600M -11.473M
22:30 5-Year Note Auction 1 3.879% 4.071%
Thursday, Jun 26
14:00 BoE's Breeden speech 2
15:15 BoE's Greene speech 2
16:30 BoE's Governor Bailey speech 3
18:00 Chicago Fed National Activity Index 1 -0.25
18:00 Initial Jobless Claims 2 245K 245K
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