Bharat Forge shares rose nearly 3 percent and reached a 52-week high of Rs 922.95 in early trading on July 28. This surge comes as the company's subsidiary is set to acquire a 26 percent stake in Ratnakar Energy Private Limited (REPL).
As of 09:28 hrs, however Bharat Forge had given up early gains and was quoting at Rs 902.95, or 0.60 percent gain on the BSE.
J S Auto Cast Foundry India Private Limited, a step-down subsidiary of Bharat Forge, is planning to acquire 26 percent of equity shares in Ratnakar Energy Private Limited. REPL is involved in the power generation and transmission business, and the acquisition aims to purchase solar power from REPL under the group captive scheme.
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The acquisition is subject to the fulfillment of condition precedents according to the definitive documents and does not require governmental or regulatory approvals. REPL will transfer 13,00,000 equity shares of its current paid-up capital, currently held by existing shareholders, to JS Auto for a cash consideration of Rs 1,30,00,000.
The board of directors of Bharat Forge is scheduled to convene on August 09, 2023, to consider and approve the unaudited standalone & consolidated financial results of the company for the quarter ending on June 30, 2023.
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