Bharat Forge acquires 48.86 per cent stake in TORK Motor
Bharat Forge Limited had previously stated to have approved of the acquisition of 45 per cent of the total share capital of TORK Motors Private Limited on a fully-diluted basis and in three tranches. On Tuesday, the company announced to have increased its stake in TORK to 48.86 per cent in accordance with Tranche III. The percentage of stake may change after the allotment of shares by TORK employees under the ESOP (Employee Stock Ownership) scheme.
Bharat Forge is an Indian multinational company based in Pune. The company is engaged in automotive, power, oil and gas, construction and mining, locomotive, marine and aerospace industries. TORK Motors is a manufacturer of electric bikes in India.
On Tuesday, the stock of Bharat Forge fell by Rs. 2.90 or 0.62 per cent to Rs. 462.60 compared to the closing price for the previous day. For the stock, the 52-week high is recorded at Rs. 692.50 and 52-week low is recorded at Rs. 445.10 on BSE.