Bharat Forge announced that its wholly owned subsidiary Kalyani Strategic Systems has entered into a Cornerstone Investment Agreement(Cornerstone Investment Agreement) with Edgelab S.p.A, Italy (Edgelab) on 13 December 2024 for the acquisition of 25% of Edgelab`s equity share capital, pursuant to its proposed initial public offer.Edgelab is an Innovative SME with expertise in designing and manufacturing of high-tech vehicles in the field of marine robotics, with a variety of application areas including scientific research, archaeology, undersea, offshore applications, underwater professional and port area control. Edgelab specializes in design and manufacture of Autonomous Underwater Vehicles for both civilian purposes and defense applications.Powered by Capital Market - Live News

Bharat Forge announced the successful fund raise of Rs 1,650 crore with the closure of its qualified Institutional Placement (QIP) on 9 December 2024. The issue witnessed significant interest across Domestic & Foreign Qualified Institutional investors resulting in more than 10X demand of the issue size. More than 90% allocation was made to marquee Domestic & Foreign Long Only funds and Insurance Companies. The issue of the QIP was done at Rs 1,320 per share while the floor price as per SEBI ICDR was Rs 1,323.54 per share. The QIP proceeds will be utilized for debt repayment and funding of earlier announced inorganic growth initiatives. Powered by Capital Market - Live News

In March 2023, the Ministry of Defence, Government of India, had accorded the Acceptance of Necessity (AoN) for procurement of the 155mm/52cal Advanced Towed Artillery Gun System (ATAGS) along with the Gun Towing Vehicles (GTVs) for the Indian Army. After completion of due technical evaluation process and commercial bids opening, the contract negotiation procedure between Bharat Forge and the Indian Ministry of Defence is currently underway. The contract negotiation procedure is expected to conclude before the end of the current financial year 2024-25.Powered by Capital Market - Live News

Net profit of Bharat Forge rose 7.20% to Rs 243.59 crore in the quarter ended September 2024 as against Rs 227.23 crore during the previous quarter ended September 2023. Sales declined 2.27% to Rs 3688.51 crore in the quarter ended September 2024 as against Rs 3774.19 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales3688.513774.19 -2 OPM %17.5316.47 - PBDT598.52550.09 9 PBT385.18338.76 14 NP243.59227.23 7 Powered by Capital Market - Live News

The Board of Bharat Forge at its meeting held on 14 November 2024 has approved the following change in senior management:(a) Krishnan Iyer - President and Chief Operational Officer (COO) of Closed Die Forging Division (CDFD) is designated as SMP w.e.f 14 November 2024.(b) Srinivasu Malladi - Vice President Human Resources (HR) is designated as SMP w.e.f. 14 November 2024.(c) Resignation of Atul Jagtap as Vice President � Materials with effect from 24 November 2024Powered by Capital Market - Live News