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Apr 22, 2010, 02.48 PM IST | Source: CNBC-TV18

Bharat Forge launches $120m QIP: Sources

Bharat Forge has launched its USD 120 million qualified institutional placement (QIP), reports CNBC-TV18.

Nimesh Shah

Research Analyst, CNBC-TV18

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Bharat Forge has launched its USD 120 million qualified institutional placement (QIP), reports CNBC-TV18's Nimesh Shah. The company plans to raise money via equity, non-cumulative debenture (NCD), and warrants.

It plans to raise USD 50.7 million via equity at Rs 272 per share, USD 33.7 million via NCDs, and USD 34.5 million via warrants.

Kotak, Axis Bank, and Citi were bankers to Bharat Forge QIP issue. Sources said that bankers feel they have got a strong response to the issue.

In the past, a combination of NCD and GDR issuances were seen from companies like Tata Steel and L&T. This is a first of its kind, a combination of equity, NCD and warrants.

One of the reasons for this combination, bank sources said is that the promoters wanted the dilution to be on the lower side.

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