Ashish Kacholia portfolio: Balu Forge shares hit new peak on fundraise buzz

Ashish Kacholia portfolio: Balu Forge shares have been on an uptrend after ushering in June 2024. This Ashish Kacholia portfolio stock bottomed out at around ₹260 apiece on the NSE, and since then, it has remained an ideal 'buy-on-dips' stock for Indian stock market investors. However, Balu Forge share price has some upside potential. Balu Forge share price today opened with an upside gap at ₹423 apiece on NSE and soon touched an intraday high of ₹429.30 per share during Opening Bell. While climbing to this intraday high, Ashish Kacholia-owned share also touched a new lifetime high. However, the stock failed to sustain itself at higher levels and came under profit-booking stress.

Balu Forge news

The small-cap stock, with a market cap of ₹4,212 crore, was one of the newsmakers on Dalal Street. On Thursday, the Company informed Indian exchanges about the fundraising move by issuing preferential shares. The Company told exchanges that a board meeting had been scheduled for 16 July 2024 to consider and approve the proposal for the fundraiser.

The small-cap Company informed about the move saying, "We wish to inform you that the meeting of the Board of Directors of our Company is scheduled to be held on Tuesday, 16" July 2024, to consider and approve, amongst other business matters, 1] The proposal for fundraising by way of preferential issue / private placement of securities for cash, including determination of Issue Price subject to such regulatory/statutory approvals as may be required, including the approval of shareholders of the Company; and 2] To transact other incidental and ancillary matters as may be decided by the Board with the permission of Chairperson."

Ashish Kacholia shareholding

As mentioned above, Balu Forge is one of the Ashish Kacholia portfolio stocks. According to the shareholding pattern of Balu Forge Limited for the April to June 2024 quarter, Ashish Kacholia owns 21,90,500 Balu Forge shares, which is 2.14 percent of the Company's total paid-up capital. In the March 2024 quarter, Ashish Kacholia owned the same 21,90,500 Balu Forge shares, which means the ace investor remained steady in this stock during the Q1FY25.

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