Bharat Forge hits 52-week high on acquisition of Ratnakar Energy

28 Jul 2023 , 11:38 AM

In today’s early trade, Bharat Forge shares jumped nearly 3% to a 52-week high of Rs 922.95. This increase coincides with the company’s subsidiary acquiring a 26% share in Ratnakar Energy Private Limited (REPL).

At around 11.31 AM, Bharat Forge was trading 0.52% higher at Rs 902.35, against the previous close of Rs 897.70 on NSE. 

J S Auto Cast Foundry India Private Limited, a subsidiary of Bharat Forge, plans to pick up 26% stake in Ratnakar Energy Private Limited’s equity shares. REPL is in the electricity generating and transmission sector, and the acquisition will allow REPL to purchase solar power under the group captive arrangement.

The acquisition is subject to the satisfaction of condition precedent to definitive documents and does not require governmental or regulatory approvals. REPL will transfer to JS Auto 13,00,000 equity shares of its current paid-up capital, which are currently held by existing shareholders, for an aggregate consideration of Rs 1.30 crore.

Further, the board of directors of the company will convene a meeting on August 9, 2023 for consideration of financial statements and other matters.

For feedback and suggestions, write to us at [e-mail]