On September 27, 2023, Balu Forge Industries Limited closed the transaction. The company announced that the transaction has been approved by the shareholders of the company for approval of 5,000,000 warrants at an issue price of INR 49.5 for the gross proceeds of INR 247,500,000 and 2,500,000 shares at an issue price of INR 183.6 for the gross proceeds of INR 459,000,000; aggregate gross proceeds of INR 706,500,000.