Bharat Forge Ltd has entered into a Share Subscription Agreement with Eternus Performance Materials Private Limited (Eternus), Kolhapur, India and existing shareholders of Eternus on April 8, 2019.
Pursuant to the said Agreement, the Company has acquired 51% of equity shares of Eternus and consequently Eternus has become subsidiary of the Company.
Eternus is in the business of high end research and development oriented manufacturing of Advanced Composite Products and precision machined metallic components. Since Bharat Forge Limited is also involved in Defence and Aerospace related business, it will enable the Parties in achieving mutual business synergies in the defence and aerospace segment.
Shares of BHARAT FORGE LTD. was last trading in BSE at Rs.504.5 as compared to the previous close of Rs. 503.7. The total number of shares traded during the day was 25269 in over 661 trades.
The stock hit an intraday high of Rs. 508.6 and intraday low of 499.4. The net turnover during the day was Rs. 12744910.