On July 28, Bharat Forge shares increased 3% and moved to a 52-week high of Rs 922.95 in early morning trading. This surge originates as the company’s subsidiary will acquire a 26% stake in Ratnakar Energy Private Limited (REPL).

As of 11.10 am, Bharat Forge traded at Rs 904.05, or 0.71% gain on the BSE.

J S Auto Cast Foundry India Private Limited, a step-down subsidiary of Bharat Forge, will acquire 26% of equity shares in Ratnakar Energy. REPL is tangled in the power generation and transmission corporate, and the acquisition aims to purchase solar power from REPL under the group captive scheme.

The acquisition fulfils condition precedents per the definitive documents and does not need governmental or regulatory approvals. REPL will transfer 13,00,000 equity shares of its existing paid-up capital, held by existing shareholders, to JS Auto for a cash consideration of Rs 1,30,00,000.

Bharat Forge’s BOD is scheduled to assemble on August 09, 2023, to deliberate and approve the unaudited standalone & combined financial results for the quarter ending on June 30, 2023.