Mahindra Forgings gains 5%, QIP open for subscription

Mahindra Forgings has moved up 5% to Rs 113. The company qualified institutional placements (QIP) issue opened last night.

The stock opened at Rs 108 and touched high of Rs 115. The counter has seen trades of around 93,000 equity shares so far on the BSE.

The company will raise between Rs 125-175 crore via the QIP issue. It plans to repay part of debt and increase capacity out of the funds raised.

The issue is priced at Rs 107.75. Kotak Mahindra and Anand Rathi are the bankers for the issue, which will close today.