Balu Forge Industries Ltd. Board Approves Preferential Issue to Ashish Kacholia and others
Balu Forge Industries Ltd., a leading manufacturer of finished and semi-finished forged crankshaft & components, has announced that its board has approved preferential issues of equity shares amounting up to Rs. 158 Cr, to leading investors, subject to shareholders’ approval. The company informed in a regulatory filing that the board has offered 21,65,500 shares to ace investor Ashish Kacholia, which is 2.16% stake in the preferential offer.
Apart from Ashish Kacholia, another value investor Vanaja Sundar Iyer has also been offered stake. Vanaja Sundar Iyer has been offered 18,00,000 shares of Balu Forge Industries, which is 1.80 per cent of total paid up capital of this small-cap company. Samit Vartak’s Asset Management Company (AMC) Sage One – Flagship Growth 2 Fund has been offered 18,00,000 shares, which is 1.80 per cent of total paid up capital of the company.
The BSE listed stock has a market cap of around ₹1320 crore. Its 52-week high is ₹168.90 whereas its 52-week low is ₹52 apiece.