On July 26, 2023, Balu Forge Industries Limited closed the transaction. The company has issued 13,727,000 equity share having face value of INR 10, at an issue price of INR 115.45 for proceeds of INR 1,584,782,150, and 3,000,014 fully convertible warrants at an issue price of INR 28.8625 per warrant, for proceeds of INR 86,587,904.075, for an aggregate gross proceeds of INR 1,671,370,054.075 in the transaction. The transaction included participation from new investors for 2,165,500 shares for proceeds of INR 250,006,975, Bengal Finance and Investment Pvt.

Ltd. for 2,165,500 shares for proceeds of INR 250,006,975, Vanaja Sundar Iyer, Sundar Iyer for 1,800,000 shares for proceeds of INR 207,810,000, and other investors.