Ramkrishna Forgings, India’s second-largest forging company has announced that it has successful raised Rs 1000 crore through a qualified institutions placement (QIP) of its equity shares.
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 upto 71.22% of the offered equity shares.
Naresh Jalan, MD, Ramkrishna Forgings said,” We are delighted to get a manifold response to the Qualified Institutional Placement (QIP) of Rs 1,000 crore. We welcome prominent global investors such as Nomura, SmallCap World Fund from Capital Group and BNP Paribas. This fundraise will enable us to embark on the next phase of our company’s growth journey, particularly in substantially reducing the debt and advancing our manufacturing initiatives. The enthusiastic backing from investors shows their confidence in our business model, solidifying our commitment to sustainable growth. We are excited about the prospects that lie ahead as we propel our company to new heights.”
