M&A

M&A

Bharat Forge unit hikes stake in EV maker Tork to 60.7%

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Kalyani Powertrain Ltd (KPL), a subsidiary of publicly-listed auto components manufacturer Bharat Forge has hiked its stake in fellow Pune-based electric two-wheeler maker Tork Motors Pvt Ltd to 60.66% through the conversion of debentures into equity shares. For FY21, Tork reported a turnover of INR 4.3 crore. Earlier this year, Bharat Forge had announced plans to house all of its EV business initiatives under KPL, a wholly-owned subsidiary. On September 4, it had transferred its 48.86% stake in Tork Motors to KPL. Now, KPL has exercised the option to convert its holding of zero coupon optionally convertible debentures (ZOCD) of Tork into equity shares. The conversion of 4 lakh ZOCD of face value of INR 1,000 each amounted to INR 40 crore.