Shardul Amarchand Mangaldas & Co. advises Kotak Mahindra Capital, Morgan Stanley India and Nomura on ₹2,000 crore qualified institutions placement by Bharat Forge Limited

September 24, 2026

Shardul Amarchand Mangaldas & Co (SAM) advised Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited and Nomura Financial Advisory and Securities (India) Private Limited, as lead managers (LMs), on the Qualified Institutions Placement of equity shares by Bharat Forge Limited, aggregating to approximately ₹2,000 crore (US$209.28 million). The issuer filed the preliminary placement document on September 17, 2026 and the placement document on September 22, 2026 with BSE Limited and the National Stock Exchange of India Limited.

Bharat Forge, a part of the Kalyani Group, is a Pune headquartered manufacturing conglomerate serving the defence, automotive, aerospace and energy sectors across 36 global locations. A portion of this QIP’s proceeds is proposed to be used for financing capital expenditure towards defence equipment capabilities. SAM also previously advised the lead managers on Bharat Forge’s ₹1,650 crore QIP in December 2024.

SAM acted as legal counsel to the LMs as to Indian law. The SAM team was led by Nikhil Naredi (Partner) and Devi Prasad Patel (Partner), with Harini Jambunathan (Senior Associate), Dhanashree Singe, L Raghavi and Tanisha Taneja (Associates).