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Balu Forge Industries seeks shareholder approval to issue USD 60 million in FCCBs
13-Aug-2026, 03:57
Balu Forge Industries Limited is seeking shareholder approval at an upcoming Extraordinary General Meeting to issue up to USD 60 million in Foreign Currency Convertible Bonds (FCCBs) to raise funds for working capital, capital expenditure, and general corporate purposes. The company is also requesting authorization to enhance its borrowing powers to Rs 10,000,000,000 (approximately $120 million USD) and to create charges or mortgages on assets, valued up to Rs 10,000,000,000, to secure those borrowings. The specific terms of the FCCBs and borrowings will be determined by the board at a later date. All three resolutions require a special resolution, necessitating a 75% voting threshold for approval, and shareholders should note that conversion of the FCCBs could dilute existing ownership.
Balu Forge Industries Limited is seeking shareholder approval at an upcoming Extraordinary General Meeting to issue up to USD 60 million in Foreign Currency Convertible Bonds (FCCBs) to raise funds for working capital, capital expenditure, and general corporate purposes. The company is also requesting authorization to enhance its borrowing powers to Rs 10,000,000,000 (approximately $120 million USD) and to create charges or mortgages on assets, valued up to Rs 10,000,000,000, to secure those borrowings. The specific terms of the FCCBs and borrowings will be determined by the board at a later date. All three resolutions require a special resolution, necessitating a 75% voting threshold for approval, and shareholders should note that conversion of the FCCBs could dilute existing ownership.