|
Bharat Forge to raise U.S. $ 150 million to fund non-auto expansion |
|
|
|
Written by Anand
|
|
Wednesday, 19 August 2009 |
Mumbai: Bharat Forge Ltd. announced that the Board of Directors of the Company at its Meeting held on Tuesday, approved raising of resources upto U.S. $ 150 million or Rupee equivalent thereof by issue of securities including equity or equity linked securities, to meet Company’s long term financing requirements.
The funds will be used by the company to expand manufacturing capabilities in the non-automotive and infrastructure sector.
The issue is subject to the required approvals being obtained, including approval of the Members of the Company. Once approved, this is likely to result in a dilution of 10 - 12 percent equity.
The company's share of Non Auto on a standalone basis in Q1 FY10 was 32% as against 28% in FY 2008-09. The two new non automotive facilities at Baramati & Mundhwa have started to contribute to the top line.
BFL is also looking at tapping infrastructure led demand (Replacement & OEM) in the domestic non auto market in sectors such as power, Railways, Metals & Mining and General infrastructure. |
