Bharat Forge gains on inking agreement to acquire 26% stake in Aeron Systems

23 May 2019 Evaluate

Bharat Forge is currently trading at Rs. 469.45, up by 3.30 points or 0.71% from its previous closing of Rs. 466.15 on the BSE.

The scrip opened at Rs. 473.15 and has touched a high and low of Rs. 477.45 and Rs. 465.35 respectively. So far 48928 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 701.65 on 23-May-2018 and a 52 week low of Rs. 445.10 on 16-May-2019.

Last one week high and low of the scrip stood at Rs. 495.50 and Rs. 447.95 respectively. The current market cap of the company is Rs. 21973.46 crore.

The promoters holding in the company stood at 45.76%, while Institutions and Non-Institutions held 32.34% and 21.90% respectively.

Bharat Forge has entered into a share subscription agreement with Aeron Systems and its founders on May 21, 2019, agreeing to subscribe to 97,500 equity shares of Rs 10 each for a stake of 26%. The Subscription is agreed to be subscribed in three tranches.

Aeron is engaged in the business of manufacturing of technology products such as Inertial Navigation Systems (INS) and LoT devices for industries such as Aerospace and Defence, Automotive, Renewable energy and Industry 4.0. This venture will help the Company to gain access to technologies in defence and aerospace sector. Total purchase consideration for 26% stake in Aeron is agreed at Rs 10 crore.

Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.

Bharat Forge Share Price

734.60 -15.35 (-2.05%)
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