Sona BLW Precision Forgings announced that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 699.01 per share.
The company's board authorized and declared the opening of the issue on Wednesday, 4 September 2024.The floor price of Rs 699.01 is at a discount of 3.22% to the previous day's closing price of Rs 722.30 on the BSE.
The company may offer a discount of not more than 5% on the floor price so calculated for the issue.
The issue price will be determined by the company in consultation with the book running lead manager appointed for the Issue.
Sona BLW Precision Forgings is one of the world's leading automotive technology companies. The company has emerged as a global supplier with nine manufacturing and assembly facilities across India, USA, Mexico and China. It is primarily engaged in designing, manufacturing and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs.
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The companys consolidated net profit increased 26.7% to Rs 141.95 on 21.8% rise in revenue from operations to Rs 891.18 crore in Q1 FY25 over Q1 FY24.
The scrip rose 0.30% to currently trade at Rs 724.45 on the BSE.
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