Bharat Forge shares rise 4% as subsidiary raises Rs 300 crore from Premji Invest   

Shares of Bharat Forge rose nearly 4% in the afternoon session today after the auto components maker said its subsidiary has raised equity worth Rs 300 crore from Premji Invest (PI) through primary infusion into the company. PI will own 23% stake on a fully diluted basis in JS Auto Cast Foundry India Private Limited post the infusion. The capital will be utilised to accelerate the growth of the subsidiary by expanding its casting capacity, investing in medium casting capacity and consolidation of the industry via acquisitions.

Bharat Forge shares rose 3.65% to Rs 1428.75 in the current session against the previous close of Rs 1376.80. Market cap of the firm stood at Rs 68,149 crore. 

Bharat Forge is a global provider of safety and critical components and solutions to various sectors including automotive, railways, defence, construction and mining, aerospace, marine, and oil and gas. Its segments include forgings, defence, and others.