Bharat Forge surges on acquiring 26% stake in Avaada MHVidarbha
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Bharat Forge is currently trading at Rs. 733.80, up by 8.80 points or 1.21% from its previous closing of Rs. 725.00 on the BSE.
The scrip opened at Rs. 722.90 and has touched a high and low of Rs. 751.95 and Rs. 722.90 respectively. So far 28516 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. 562.05 on 20-Apr-2021.
Last one week high and low of the scrip stood at Rs. 751.95 and Rs. 714.85 respectively. The current market cap of the company is Rs. 34365.10 crore.
The promoters holding in the company stood at 44.76%, while Institutions and Non-Institutions held 43.54% and 11.69% respectively.
Bharat Forge has subscribed to 1,13,75,000 equity shares of Rs 10 each of Avaada MHVidarbha (AMHVPL) amounting to Rs 11.37 crore. Subsequent to the said subscription, the company holds 26% of paid up share capital of AMHVPL. The object of the acquisition is to purchase solar power on a Single Captive User basis.
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.
