Ramkrishna Forgings Limited (NSEI:RKFORGE) has given the nod to raise up to INR 10,000 million through a qualified institutional placement (QIP) issue, a regulatory filing stated on September 30. The board, in its meeting held on September 30, 2023, approved the "raising of funds up to INR 10,000 million by way of issuance of equity shares through qualified institutional placement", the company said. The total number of securities proposed to be issued through QIP "shall be determined after fixation of issue price" at the time of issuance of securities, it informed the stock exchanges.

The company has called for an extraordinary general meeting on October 28 to seek shareholders' approval for the fund-raise plan via the QIP route.