Bharat Forge arm acquires balance stake in Ferrovia

BF Infrastructure Limited ("BFIL") - wholly owned subsidiary of Bharat Forge Ltd has executed a Share Purchase Agreement on February 28, 2023, with PNC Infratech Limited ("PNC") and Ferrovia Transrail Solutions Private Limited ("Ferrovia") for purchase of 51% shareholding in Ferrovia. Subsequent to the aforesaid acquisition, BFIL's shareholding in Ferrovia will increase from 49% to 100% resulting in Ferrovia becoming a wholly owned subsidiary of BFIL and step-down subsidiary of the Company.

Ferrovia was incorporated jointly by BFIL and PNC Infratech Limited ("PNC") for undertaking construction, designing, executing, infrastructure projects, etc. Since the purpose for which Joint Venture was formed has been fully consummated, BFIL will acquire 51% shares of Ferrovia held by PNC.

The cost of acquisition is Rs. 21,00,000/- as per the valuation report and the price paid is Rs. 411.76 per equity share of face value of Rs. 10 each.

Shares of Bharat Forge Limited was last trading in BSE at Rs. 824.10 as compared to the previous close of Rs. 816.05. The total number of shares traded during the day was 30929 in over 2802 trades.

The stock hit an intraday high of Rs. 827.70 and intraday low of 815.00. The net turnover during the day was Rs. 25377358.00.

Source : Equity Bulls

Keywords

BharatForge INE465A01025 BFInfrastructure SPA PNCInfratech FerroviaTransrailSolutions