Auto components major Bharat Forge Ltd on Tuesday said it has closed its Qualified Institutional Placement (QIP) for Rs. 1,650 crore has been collected. The issue closed on Monday at a price per share of Rs. 1,320 while as per the regulatory requirements the floor price was Rs. 1,323.54 per share, the company said in a statement.
The issue saw significant interest from domestic and qualified institutional investors resulting in ten times the demand of the issue size, it added.
Proceeds from the QIP will be used to repay debt and fund previously announced inorganic growth initiatives, the company said.
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