Active Stocks
Mon May 27 2024 15:59:11
  1. Tata Steel share price
  2. 175.50 0.40%
  1. NTPC share price
  2. 369.60 -1.40%
  1. State Bank Of India share price
  2. 834.10 0.66%
  1. HDFC Bank share price
  2. 1,527.95 0.75%
  1. ICICI Bank share price
  2. 1,129.15 -0.19%
Business News/ Companies / Ramkrishna Forgings gets board nod for raising up to 1,000 crore via QIP
BackBack

Ramkrishna Forgings gets board nod for raising up to ₹1,000 crore via QIP

The total number of securities proposed to be issued through QIP ‘shall be determined after fixation of issue price’, the company informed the stock exchanges.

Ramkrishna Forgings' scrip settled at ₹643.40 on the BSE in the last trading session on September 29. Photo: Aniruddha Chowdhury/MintPremium
Ramkrishna Forgings' scrip settled at 643.40 on the BSE in the last trading session on September 29. Photo: Aniruddha Chowdhury/Mint

The board of Ramkrishna Forgings, country's second-largest forging company, has given the nod to raise up to 1,000 crore through a qualified institutional placement (QIP) issue, a regulatory filing stated on September 30.

The board, in its meeting held today, approved the “raising of funds up to 1,000 crore by way of issuance of equity shares through qualified institutional placement", the company said.

The total number of securities proposed to be issued through QIP “shall be determined after fixation of issue price" at the time of issuance of securities, it informed the stock exchanges.

The company has called for an extraordinary general meeting on October 28 to seek shareholders' approval for the fund-raise plan via the QIP route.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Ramkrishna Forgings also noted that its board has given the nod for the conversion of 46 lakh warrants into equity shares upon receipt of an amount aggregating to 70.72 crore.

Pursuant to the aforesaid issue of equity shares, the capital of the company stands increased to 32.9 crore, consisting of 16.44 crore fully paid-up equity shares.

In the quarter ending June 2023, Ramkrishna Forgings had recorded a net profit of 76.97 crore, marking a 63 percent jump as against 47.26 crore clocked in the year-ago period. 

The company's total income increased by 28 percent on-year in the first quarter of FY24 at 835.95 crore, as against 650.75 crore reported in the corresponding period of the previous fiscal.

In the last trading session on September 29, Ramkrishna Forgings' scrip settled at 643.40 on the BSE, up marginally by 0.10 percent against the previous day's close. On the NSE, the shares closed 0.08 percent higher at 643.75.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 30 Sep 2023, 04:53 PM IST
Next Story footLogo
Recommended For You