Auto component major Bharat Forge's Board has approved raising Rs 2000 crore, the company informed in a filing on Thursday.
According to the company, the fundraise may happen through Equity shares, debt issue, or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American Depository Receipts/ Global Depository Receipts/ Foreign Currency Convertible Bonds. It will be decided by the investment committee ( strategic business).
The group secured new orders worth Rs 980 crore across Defence, Ferrous and Aluminum castings and the core forging business, the company added.
B.N. Kalyani, Chairman and Managing Director of the company in a statement said, "Looking ahead into Q2 FY25, we expect continued positive momentum in the Indian entities across Forging, castings & Defence and for the overseas operations, we reiterate our expectation that these businesses will see an improvement in operational parameters resulting in reduction of losses in FY25."