Bharat Forge trades higher on getting nod to transfer stake in Refu Drive GmbH

Bharat Forge is currently trading at Rs. 636.15, up by 11.75 points or 1.88% from its previous closing of Rs. 624.40 on the BSE.

Bharat Forge
Bharat Forge

The scrip opened at Rs. 639.80 and has touched a high and low of Rs. 639.80 and Rs. 624.20 respectively. So far 15420 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 848.00 on 10-Nov-2021 and a 52 week low of Rs. 595.85 on 08-Mar-2022.

Last one week high and low of the scrip stood at Rs. 667.05 and Rs. 615.00 respectively. The current market cap of the company is Rs. 29425.20 crore.

The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 43.51% and 11.23% respectively.

Bharat Forge has received approval to transfer of its stake in Refu Drive GmbH (Refu), Joint Venture (JV) company, to Kalyani Powertrain (KPL).

The company has decided to consolidate its EV business initiatives under KPL, a wholly-owned subsidiary of the Company, for a better strategic alignment.

The current stake in Refu was acquired by the Company by entering into a Joint Venture Agreement with Refu Electronik GmbH, Germany and its affiliates.

Refu is in the business of development, manufacturing and selling on board controllers and components mainly – drives, invertors, converters (including AC/DC) and all kind of auxiliary applications, related power electronics and battery management (BMS) etc.

for all e-mobility vehicles viz. hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles. The Company has approved the same transfer of the Company’s stake in Refu to KPL in consideration of subscription of equity shares of the KPL by the Company.

Through this transfer of shares, Refu will become an associate company of KPL.

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.

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