Bharat Forge, the manufacturer of various forged and machined components for the automotive and non-automotive sector has said in a filing to Bombay Stock Exchange (BSE) that the Company has approved issue of Secured Redeemable Non-convertible Debentures, aggregating to Rs 250 crore, on private placement basis, to Life Insurance Corporation of India (LIC).
These debentures will be listed on either National Stock Exchange of India (NSE) or BSE, the company said in the filing.
The company reported that the Issue is being made to meet the normal capital expenditure, general corporate purposes and long term working capital requirements.
Earlier this month life insurance giant LIC had increased its stake to 9.21% in the company after acquiring 45.33 lakh shares or 2.04% of the equity through open market purchases on December 12, 2008.
The company has manufacturing operations across nine locations and six countries, two in India, three in Germany and one each in Sweden, Scotland UK, USA and China
