Balu Forge allots 45 lakh equity shares on preferential basis

Castings and forgings company Balu Forge has informed exchanges that its board has approved the allotment of 45 lakh equity shares on a preferential basis.  The allotment has been approved by the board at Rs 360 apiece to persons other than promoters and promoter group. 

"Issuance of up to 45,00,000 Equity Shares of Rs 10 each at an issue price of Rs 360 per share, on preferential basis to the persons other than promoters and promoter group, in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the provisions of the Companies Act, 2013 and rules made there under," it said in a filing.

The board has also approved the issuance of up to 93,00,000 fully convertible warrants of Rs 10 each at an issue price of Rs 360 per warrant, on a preferential basis.

According to the exchange filing, the company has convened an extraordinary general meeting on August 9.