The fund infusion plan comes on the heels of another infusion exercise worth $64.50 million in its wholly-owned subsidiary Bharat Forge America (BFA).
The company disclosed the development after market hours on Tuesday and its shares traded on the NSE at Rs. 1322.90, compared to Monday’s closing price of Rs. 24.35 per share or up 1.88% to Rs.
BFGH was established on December 15, 2003 and is based in Germany. It is a holding company for foreign investment undertaken by the company.
BFGH had a turnover of €5.11 million for the period between January 2023 and December 2023.
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“The proposed investment is in the nature of Related Party Transactions (RPT) and will be on an arm’s length basis,” the company said in the filing.
The investment will be completed by December 31, 2024.
Bharat Forge has business interests in several sectors including automotive, oil and gas, power, rail, marine and aerospace.
Shares of Bharat Forge have returned 8% in the last 12 months, underperforming the Sensex which has returned 10% over the period. Year to date in 2024, Bharat Forge’s stock has yielded 6%.
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The auto component maker reported a consolidated net profit of 13% year-on-year at ₹243 crore for the second quarter ended September 30, 2024. In the July-September quarter, the company posted Rs. 215 crore net profit was recorded. of last financial year. Bharat Forge said in a regulatory filing that revenue from operations rose to Rs. 3,688 crores as compared to Rs. 3,774 crores.
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