Bharat Forge up 2% on infusing $64.5 mn in America unit for debt repayment

Bharat Forge share price: Forging company Bharat Forge shares rose up to 2.47 per cent to hit an intraday high of Rs 1,330.70 per share on Tuesday, December 24, 2024.

 

The uptick in Bharat Forge share price came after the company announced that it will infuse funds of $64.50 million in its America unit, Bharat Forge America.

 

In an exchange filing, Bharat Forge said, “The Board of the Company, the Investment Committee (Strategic Business) of the Company, at its meeting held on December 23, 2024, approved infusion of funds of $ 64.50 million by Bharat Forge Limited into Bharat Forger America (BFA).”

 

 

The entirety of the infused funds will be utilised for the repayment or pre-payment of certain outstanding borrowings by the respective entities, Bharat Forge said in a statement.

 

Furthermore, the infused funds will be allocated as follows: $19.50 million will be retained by Bharat Forge America, $30 million will be invested in Bharat Forge Aluminum USA, Inc., and $15 million will be invested in Bharat Forge PMT Technologies LLC, both of which are wholly-owned subsidiaries of BFA.

 

About Bharat Forge 

 

Bharat Forge Limited is a leading global manufacturing company that engages in producing advanced components and solutions for diverse industries such as automotive, aerospace, railways, marine, and energy. 

 

With a focus on research, development, and innovation, Bharat Forge consistently delivers cutting-edge engineered products to meet the evolving needs of its customers. Its Pune facility, renowned as the world's largest single-location forging plant, exemplifies the company's manufacturing excellence.

 

The company boasts a strong global presence, supplying major original equipment manufacturers (OEMs) across the US, Europe, Japan, China, and India. Its strategic partnerships with multinational corporations like ArvinMeritor, Carpenter Technology, Iochpe-Maxion, and Alstom enhance its capabilities. As part of its growth strategy, BFL is expanding its footprint in defence, aerospace, and e-mobility, positioning itself as a key player in these high-potential sectors.

 

The market capitalisation of Bharat Forge is Rs 63,337.18 crore, according to BSE. The company falls under the BSE 100 category. 

 

At 12:40 PM, Bharat Forge share was trading 2.02 per cent higher at Rs 1,324.80 per share. In comparison, BSE Sensex was trading 0.18 per cent higher at 78,681.59 levels.