Bharat Forge's stock climbs ~3% on completion of acquisition of 26% stake in Avaada

20 Apr 2022 , 09:36 AM

Bharat Forge has completed the acquisition of a 26% stake in Avaada MHVidarbha Private Limited (AMHVPL) to purchase solar power on a Single Captive User basis.

In this regard, the company has subscribed to 1,13,75,000 equity shares of Rs10 (Rupees Ten Only) each of AMHVPL amounting to Rs11.38 crore.

The company stated in its filing, “This is concerning our intimation dated February 10, 2022, wherein it was informed that under the Power Purchase Agreement and Share Subscription and Shareholders’ Agreement dated February 09, 2022, the Company is proposing to acquire 26% of equity shares of Avaada MHVidarbha Private Limited (AMHVPL) to purchase solar power on a Single Captive User basis.”

The company has completed such an acquisition dated April 19, 2022.

Bharat Forge’s counter jumped 3.02% in today’s morning trade at Rs746.90 against its previous close of Rs725 on BSE. The scrip opened at Rs722.90 and has touched intraday high and low of Rs750.30 and Rs722.90 respectively.