BackBharat Forge to buy 45% stake in electric vehicle start-up Tork Motors for Rs30 crore
Bharat Forge's investment panel has approved the acquisition of Tork Motors' 4,736 equity shares of Rs10 each at a premium of Rs21,103 each and 2,841 preference shares of Rs100 each at a premium of Rs21,013 as an initial subscription
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New Delhi: Auto components major Bharat Forge on Thursday said it will make a strategic investment of up to Rs30 crore to acquire 45% stake in Pune-based electric vehicle (EV) start-up Tork Motors.
Tork is an electric drivetrain company focused on electric two-wheelers and premium electric motorcycles.
The company will acquire stake in three tranches based on achieving various milestones from time to time.
“The investment committee of the company has approved the acquisition of 4,736 equity shares of Rs10 each at a premium of Rs21,103 each and 2,841 preference shares of Rs100 each at a premium of Rs21,013 as an initial subscription," Bharat Forge said in a BSE filing.
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