Bharat Forge Ltd

Issuance of Securities up to ₹25,000 million

• Purpose: Special resolution to authorize issuance of securities up to ₹25,000 million.
• Outcome: Approved by requisite majority; in-favour 99.79% (406,238,232 shares), against 0.201% (819,725).
• Voting window: e-voting Aug 13–Sep 11, 2026; cut-off Aug 7, 2026.
• Scope: issuance via QIP, FPO, private placement, rights issue, or other modes.
• Aggregate limit and pricing: up to ₹25,000 million; pricing at board floor price; includes premium/discount.
• Possible securities: equities or other instruments; may include GDRs/ADRs/FCCBs; equity to rank pari passu.
• Tenure/allocation rules: 365 days to complete; 10% to mutual funds; no promoter QIP.
• Lock-in: securities allotted not to be sold for 1 year.
• Board authority: appoint lead managers, underwriters; list securities on exchanges; delegate powers.
• Date/confirmation: Scrutinizer's report dated Sep 11, 2026; results declared the same day.

Bharat Forge Limited – Trading Window closed from October 1, 2026 till end of 48 hours after the declaration of Un-Audited Financial Results for the quarter and half year ended September 30, 2026 become generally available

Rating action

• ICRA reaffirms Bharat Forge ratings across listed instruments.
• One term loan rating assigned.

Instruments/Facilities Rated

• Long-term/Short-term - Unallocated limits: AA+(Stable)/ A1+; Reaffirmed
• Short-term - Non-fund based - Others: A1+; Reaffirmed
• Long-term - Fund-based - Cash credit: AA+(Stable); Reaffirmed
• Long-term/Short-term - Fund-based - Term Loan: AA+(Stable)/ A1+; Reaffirmed
• Long-term/Short-term - Fund-based - Term Loan: AA+(Stable)/ A1+; Assigned
• Long-term - Issuer rating: AA+(Stable); Reaffirmed
• Bonds/NCD/LTD: AA+(Stable); Reaffirmed

Rating Agency

• ICRA

Outlook

• Stable outlook for all affirmed ratings

Material changes since last rating

• One term loan rating assigned; others reaffirmed

Rationale (if disclosed)

• Rationale not provided in the filing.

QIP details

• Equity shares (face value ₹2) to be issued under QIP.
• Floor price fixed at ₹1,947.70 per equity share.
• Discount to floor price up to 5% allowed.
• Opening of the issue approved and to commence Sept 17, 2026.
• Board approval on Aug 10, 2026; postal ballot approved Sept 11, 2026.
• Pricing date set as Sept 17, 2026.
• Issue price will be determined in consultation with Lead Managers.
• Trading window closed from Sept 15, 2026 for QIP compliance.
• Preliminary Placement Document to be filed with BSE/NSE on Sept 17, 2026.

Collaboration overview

• Bharat Forge and Pratt & Whitney Canada to evaluate turboprop engine integration for India's HALE UAV program.
• Pratt & Whitney Canada will assess engine compatibility, performance and installation requirements.
• Bharat Forge Aerospace leads engine-airframe integration, including installation design and interfaces.
• Program supports DRDO and India's Aatmanirbhar Bharat initiative.
• No financial metrics disclosed in this release.

Resolution and outcome

• Special Resolution: Issuance of securities up to ₹25,000 million approved by 99.7986% in favour.
• Total votes polled: 407,057,957; in favour 406,238,232; against 819,725.

Meeting Details

• 8 September 2026, Singapore; group meeting with institutional investors.
• 9 September 2026; discussions with prospective investors.
• Participants: Company management.
• Note: no unpublished price sensitive information will be shared.

Divestment details

• KPTL divested its entire 50% stake in REFU Drive GmbH to REFU Elektronik GmbH.
• REFU Drive GmbH ceases to be a joint venture of KPTL; ownership remains with REFU Elektronik.
• Completion date: as of September 2, 2026; July 23, 2026 intimation referenced.
• SEBI disclosures to be amended to reflect the change.