Balu Forge Industries Limited announced private placement to issue up to 1,37,27,000 common shares and up to 30,00,014 fully convertible warrants on preferential basis on June 21, 2023. The transaction has been approved by the board of directors of the company. The convertible warrants will be convertible into equity shares.

On July 14, 2023, the company announced that an extra ordinary general meeting of the members of the company was held on July 14, 2023.