Bharat Forge, the second largest forging company across the globe, will soon seek shareholders' approval to raise $150 million by issue of warrants or bonds.

The company stated in a communiqué that its shareholders would meet on October 1, to consider raising funds of $150 million by issue of warrants or bonds, with or without an option to raise an additional amount if the subscription is fully subscribed.

The auto component manufacturer would issue warrants or bonds to potential buyers, and the company will utilized the funds to expand its manufacturing capabilities in the non-automotive sector in India.

The scrip of the company today settled at Rs 221, down 2% compared to previous close of Rs 226 on BSE.