New Delhi: Auto components major Bharat Forge on Wednesday said its board has approved proposal to raise Rs 500 crore by issuing securities on a private placement basis.

The company's board has discussed and approved the issuance of 5,000 listed, rated, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each aggregating to Rs 500 crore on a private placement basis, Bharat Forge said in a regulatory filing.

The company, however, did not share details about the reasons for raising the capital.