Bharat Forge reports no deviation in $1.9bn QIP proceeds
Bharat Forge Limited confirmed its INR 1,650 crore ($1.9bn) Qualified Institutional Placement proceeds showed no material deviation from stated objectives, according to monitoring agency ICRA Limited.
The December 2024 fundraising generated net proceeds of INR 1,621.868 crore. Key utilizations included INR 1,029.604 crore for subsidiary debt repayment and INR 549 crore for acquiring equity shares in AAM India Manufacturing Corporation Private Limited.
As of June 30, 2025, unutilized proceeds of INR 550.039 crore remain in a monitoring account, with all planned implementations reportedly on schedule.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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