Hot Pursuit     27-Sep-23
RK Forge board to mull fund raising on Sept. 29
Ramkrishna Forgings said that its board will meet on Friday, 29 September 2023, to consider and approve a proposal to raise funds by way of issuance of equity shares or any other eligible securities.

The funds would be raised through permissible modes, including but not limited to a preferential issue, private placement, follow-on public offering, a qualified institutions placement or any equivalent capital raising mode or combination of methods.

At the same meeting, the company's board will also consider and approve conversion of 46,00,000 warrants into equal number of equity shares of face value of Rs 2 each.

Ramkrishna Forgings (RK Forge) is a manufacturer of forged products. It manufactures closed die forgings of carbon and alloy steel, micro alloy steel and stainless-steel forgings. It supplies its products to various sectors, including automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining. The company is a critical safety item supplier for undercarriage, Bogie & Shell parts for railway passenger coaches and locomotives.

On a consolidated basis, net profit of Ramkrishna Forgings rose 52.81% to Rs 78.53 crore on 27.60% increase in net sales to Rs 892.34 crore in Q1 June 2023 over Q1 June 2022.

The scrip rose 0.66% to currently trade at Rs 642 on the BSE.

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