Ramkrishna Forgings raises Rs 1,000 crore through QIP

Ramkrishna Forgings has raised Rs 1,000 crore via a QIP (Qualified Institutions Placement) of its equity shares, it noted in a BSE notification on 13 November. 

The Capital-Market Committee at its meeting held on November 13, 2023, approved the allotment of 1,62,86,644 equity shares of face value of Rs 2 at an issue price of Rs 614 per Equity Share i.e., at a premium of Rs 612 per Equity Share. 

The company says its first-ever QIP has witnessed a strong response from marquee domestic and foreign institutional investors. Investors such as Nomura, SmallCap World Fund from Capital Group and BNP Paribas, among others, took part in the issue and were allocated up to 71.22% of the offered equity shares.