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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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