Ramkrishna Forgings gains 2.5% on nod to raise Rs 1,000 crore through QIP

Ramkrishna Forgings has also called for an extraordinary general meeting on October 28 to seek approval from shareholders for the fund raise plan

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Ramkrishna Forgings rose 2.5 percent in the early trade on October 3 after the company received the board’s approval to raise Rs 1,000 crore through the qualified institutional placement (QIP) route.

The company has also called for an extraordinary general meeting on October 28 to seek approval from shareholders for the fund-raise plan.

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, the company said in an exchange filing.

At 9.25 am, Ramkrishna Forgings were trading 1.2 percent higher from  the previous close at Rs 651.30 on the National Stock Exchange.

The board also approved the conversion of 46 lakh warrants into equity shares upon receipt of an amount aggregating to Rs 70.72 crore.

The country’s second-largest forgings company is also targeting a twofold increase in its revenue within three years, backed by a series of acquisitions and collaborative ventures.

As a key component supplier to the commercial vehicle sector in India and overseas, the company is striving to achieve a consolidated revenue of Rs 6,000 crore by the end of FY26 compared to the Rs 3,000 crore it reported in FY23.

Though the company did not specify its plans for the proceeds from the fund-raise, it is likely to use it to fund its growth plans.

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