Balu Forge Industries Limited announced a private placement to issue 3,000,014 shares at an issue price of INR 115.45 per share (including premium INR 105.45) for the gross proceeds of INR 346,351,616.3 and also issued 5,000,000 pre-paid convertible warrants at an issue price of INR 45.9 for the gross proceeds of INR 229,500,000; aggregate gross proceeds of INR 575,851,616. on September 4, 2023. The transaction will include participation from new individual investors Trimaan Jaspalsingh Chandock for 1,467,132 shares and 2,500,000 warrants and Jaikaran Jaspalsingh Chandock for 1,532,882 shares and 2,500,000 warrants.

The transaction has been approved by shareholders of the company. The transaction is subject to shareholders of the 34th Annual General Meeting of the Company will be held on September 27, 2023.