Bharat Forge subsidiary increases stake to 60.66% in EV maker Tork Motors

Earlier in September, the company’s stake of 48.86% in Tork was transferred to Kalyani Powertrain.

Nov 24, 2021 03:11 IST India Infoline News Service

Bharat Forge
Bharat Forge Limited wholly-owned subsidiary, Kalyani Powertrain Limited (KPL) has exercised the option to convert its holding of Zero Coupon Optionally Convertible Debentures (ZOCD) of Tork Motors Private Limited into equity shares by serving a Conversion Notice.

Post allotment of equity shares by Tork to KPL on November 22, 2021, owing to the said conversion, the stake of KPL in Tork has increased to 60.66%. Consequently, Tork has become a subsidiary of KPL and a step-down subsidiary of the Company.

Earlier this year Bharat Forge had intimated with regards to housing of all the Electric Vehicle (EV) business initiatives of the Company under KPL.

“As per our intimation dated September 04, 2021, the Company's stake of 48.86% in Tork Motors Private Limited ("Tork") was transferred to KPL,” company said in a filing on Tuesday.

“Tork is an electric drive train Company mainly focused on electric two wheelers and/or premium electric motorcycles and has its presence in the automobile industry,” it added.

Towards close of trade on Wednesday, Bharat Forge Ltd was trading at Rs736.40 per piece down by Rs9.25 or 1.24% from its previous closing of Rs745.65 per piece on the BSE.

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