Sona BLW Precision Forgings Ltd. has set the floor price at Rs 699.01 per share for qualified institutional placement to raise Rs 2,400 crore.
The issue price will be determined by the company after consulting the bookrunning lead managers appointed for the issue, according to an exchange filing on Wednesday. The company may also, at its discretion, offer a discount of up to 5% on the floor price calculated for the issue.
The auto component manufacturer previously had approved to raise Rs 2,400 crore in one or more tranches through equity shares, public issue, debt issue, preferential allotment, private placement, qualified institution placement, or other financial instruments.
Earlier, Sona BLW Precision Forgings had also approved to invest up to $10 million in its wholly-owned subsidiary—SONA BLW Edrive Mexicana, S.A.P.I. DE C.V. (Sona BLW Mexico)—through one or more tranches—in combination of both debt and equity instruments.
Sona BLW Precision Forgings holds 99.99% equity in Sona BLW Mexico.
Shares of Sona BLW Precision Forgings closed 1.63% higher at Rs 722.30 apiece, compared to a 0.25% fall in the benchmark BSE Sensex.
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