Sona BLW Precision Forgings Ltd.'s board of directors will consider a proposal to raise funds in a meeting on July 24. The proposed funds will be raised in one or more tranches by issue of equity shares or through any permissible mode, including public or debt issue and qualified institutions placement, according to an exchange filing on Friday.
The trading window for Sona BLW will be closed for company officials until 48 hours after the financial results are announced next Wednesday, it said.
Sona BLW is an automotive systems and components manufacturer that provides differential assemblies, gears, conventional and micro-hybrid starter motors and BSG systems.
Shares of Sona BLW has risen 28.44% in the last 12 months and 10.4% on a year-to-date basis.
Thirteen out of the 19 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and as many suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 4%.
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