Balu Forge Industries shares are one of those small-cap stocks on that has delivered stellar return to its shareholders in recent times. This BSE listed stock has surged from around 66.50 to 220 apiece levels, delivering 250 per cent return to its shareholders. So, this small-cap stock is one of the multibagger stocks that Indian has delivered in 2023. However, it seems that some FIIs still feel that the multibagger stock has some more steam left in it.

As per the lastest by this multibagger stock, Singapore-based FII — Sixteenth Street Asian Gems Fund has bought stake in this Ashish Kacholia-backed small-cap stock. Balu Forge Ltd has informed BSE that its share allotment committee has allotted 25 lakh shares to Sixteenth Street Asian Gems Fund at 183.60 apiece. This means Singapore-based FII has invested 45.90 crore in this multibagger stock. In exchange filing to BSE, Balu Forge Limited said that pursuant to the approval of the Board of Directors at its meeting held on 4th September 2023 and approval of the members of the Company at their Annual General Meeting held on 27th September, 2023 and pursuant to In-principle approvals granted by BSE Limited vide their letter dated 29th September, 2023 and upon receipt of the requisite consideration amount from the allottees of the preferential allotment, The Board of Directors of the Company through Circular Resolution, on 6th September, 2023, have considered and approved: 1] The Allotment of 25,00,000 (Twenty-Five Lakhs) fully paid-up Equity Share for cash of Rs. 10/- each, at a price of Rs. 183.60/- (Rupees One Hundred Eighty Three Rupees & Sixty Paisa Only) per share to the persons other than promoters and promoter group; and 2] The Allotment of 50,00,000 (Fifty Lakhs) Fully Convertible Warrants for cash at an issue price of Rs. 183.60/- (Rupees One Hundred Eighty Three Rupees & Sixty Paisa Only) per warrant convertible into equivalent number of Equity Shares having face value of Rs. 10/- each, to the persons forming part of the promoter group. Ashish Kacholia-backed stock’Big Whale’ of the Indian stock market bought stake in this multibagger stock through preferential share allotment in June 2023. Ashish Kacholia bought 21,65,500 Balu Forge Industries shares from the small-cap companies preferential share offer. Apart from Ashish Kacholia, another value investor Vanaja Sundar Iyer also bought stake in this multibagger stock. Vanaja Sundar Iyer bought 18,00,000 shares of Balu Forge Industries, which is 1.80 per cent of total paid up capital of this small-cap company.