Bharat Forge has finalised a significant transaction involving its subsidiary, JS Auto Cast Foundry India, with PI Opportunities Fund I Scheme II. The deal involves the allotment of shares worth ₹300 crore, resulting in a 23% stake acquisition by the investor.
JS Auto Cast Foundry India, a step-down subsidiary of Bharat Forge, has issued one equity share at an issue price of ₹2,104.09 and 1,425,794 non-cumulative compulsorily convertible preference shares at the same price to PI Opportunities Fund. This transaction alters JS Auto’s status from a wholly owned step-down subsidiary to a step-down subsidiary of Bharat Forge.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
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