BackRamkrishna 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.
PremiumThe 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.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
