2 hrs ago
Bharat Forge Sets Rs 1,947.70 Floor Price for QIP
Bharat Forge plans to raise money by selling shares to large professional investors.
It set the minimum price for those shares at Rs 1,947.70 each.
The company’s investment committee approved the documents needed to begin the sale on September 17.
Shareholders had already approved the plan through a postal ballot.
Bharat Forge may reduce the price by as much as 5% from the floor price.
The final price will be decided with the help of the lead managers.
Company insiders cannot trade in the shares while the placement process is underway.
Bharat Forge’s share price was up 3.2% during trading on September 18.
Bharat Forge fixed the floor price for its qualified institutional placement at Rs 1,947.70 per equity share.
The company’s investment committee approved the Preliminary Placement Document and opened the QIP on September 17.
Bharat Forge may offer institutional investors a discount of up to 5% on the floor price.
The final issue price will be decided by Bharat Forge and the placement’s lead managers.
The company’s trading window for designated persons has been closed since September 15 and will remain shut until further notice.
- Who
- Bharat Forge, its shareholders, investment committee and designated persons.
- What
- Bharat Forge opened a qualified institutional placement and fixed its floor price at Rs 1,947.70 per equity share.
- Where
- The placement documents were to be filed with the BSE and the NSE.
- When
- The investment committee acted on September 17; the share-price update cited trading on September 18.
- Why
- To begin the previously approved qualified institutional placement and establish its pricing framework.
Key facts
- QIP floor price
- Rs 1,947.70 per equity share
- Possible discount
- Up to 5% below the floor price
- Relevant pricing date
- September 17
- Board approval
- August 10
- Shareholder approval
- Postal ballot concluded September 11
- Trading window
- Closed for designated persons since September 15 until further notice
- Share performance
- Up 3.2% intraday on September 18; down 5.49% over one month and up 56.33% over one year
Sources
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