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Ahmednagar Forgings rises on getting nod to raise funds upto Rs 400 crore

24 Apr 2015 Evaluate

Ahmednagar Forgings is currently trading at Rs. 253.40, up by 0.30 points or 0.12% from its previous closing of Rs. 253.10 on the BSE.

The scrip opened at Rs. 253.00 and has touched a high and low of Rs. 259.50 and Rs. 248.00 respectively. So far 20506 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 519.80 on 24-Nov-2014 and a 52 week low of Rs. 141.50 on 30-Apr-2014.

Last one week high and low of the scrip stood at Rs. 282.05 and Rs. 251.85 respectively. The current market cap of the company is Rs. 930.14 crore.

The promoters holding in the company stood at 64.77% while Institutions and Non-Institutions held 14.52% and 20.70% respectively.

Ahmednagar Forgings has received its board’s approval to raise finance by issue of Redeemable Non-Convertible Debentures (NCDs) up to Rs 400 crore on Private Placement basis subject to the approvals of Shareholder’s and any other approvals from regulatory authority, if required. The board at its meeting held on April 23, 2015 has approved for the same.

Ahmednagar Forgings (AFL) is a manufacturer of forging and machined automotive components, cold forged parts and high tensile fasteners. AFL operates four plants; two of them are located at Ahmednagar, Maharashtra and the other two near Pune, Maharashtra.

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