Date:03/03/2005 URL: http://www.thehindubusinessline.com/2005/03/03/stories/2005030302670200.htm

Back Bharat Forge plans to raise $300 m

Our Bureau

Mumbai , March 2

BHARAT Forge Ltd (BFL) today informed the BSE that its board has approved raising resources of up to $300 million or rupee equivalent by issuing appropriate securities to meet the company's long-term financing needs.

Additionally, it approved increasing BFL's authorised share capital from Rs 90 crore to Rs 105 crore by creating 15 million more equity shares of Rs 10 each; increasing the limit for FII holding to up to 40 per cent of the company's paid-up equity share capital and sub-dividing equity shares of Rs 10 nominal value each into five equity shares of Rs 2 each.

Also approved was the creation of securities of value up to Rs 1,500 crore for borrowings and raising the board's borrowing powers from Rs 500 crore to Rs 1,000 crore.

All these decisions are subject to other required approvals, including from BFL's shareholders, the official statement said.

Shares of Bharat Forge moved up to a new high on the BSE to end at Rs 1,417.80 compared to the previous close of Rs 1,324.40.