Bharat Forge along-with subsidiary company -- Bharat Forge International (BFIL) has acquired additional 366,451 fully diluted equity shares of Tewa Motors (Jersey), pursuant to the conversion of the Convertible Loan Note (CLN). The Company along with BFIL prior to the conversion, was holding 34.45% of the Equity Share Capital of Tevva Motors (Jersey), consequent to the conversion of the CLN into Equity shares, the aggregate shareholding of the Company increased to 39.71%.
Considering its future business initiatives, the company has chosen to subscribe to the additional equity shares which were issued pursuant to the conversion of the CLN. Cost of acquisition is pound sterling 13.37 pound per share.
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.
