Bharat Forge and subsidiary acquire 366,451 fully diluted equity shares of Tevva Motors; Stock gains

2 Feb 2022 , 10:45 AM

Bharat Forge along with subsidiary, Bharat Forge International has acquired additional 366,451 fully diluted equity shares of Tevva Motors (Jersey) Ltd, according to the conversion of the Convertible Loan Note (“CLN”).

The Company along with BFIL before the conversion was holding 34.45% of the Equity Share Capital of Tevva Motors (Jersey) Ltd, 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, it has chosen to subscribe to the additional equity shares which were issued under the conversion of the CLN,” Bharat Forge added.

TEVVA is incorporated in Jersey on 15th January 2013. It is the world’s leading developer of extended-range electric trucks (EREVs) and is also developing sophisticated software for autonomous vehicle pollution management in urban and environmentally-sensitive locations having its presence in the UK and EU countries.

At around 10.43 am, Bharat Forge was trading at Rs752 per piece up by 0.6% on BSE. The stock has touched an intraday high of Rs761.80 and Rs751.25 respectively.