Bharat Forge said that it has acquired an additional 366,451 shares of Tewa Motors (Jersey) to increase its stake in the latter to 39.71% at a price of £13.37 per share or £4.9 million in total.
Previously, Bharat Forge had a stake of 34.45% in Jersey-based electric vehicle (EV) solutions provider for commercial vehicles. The additional stake of 5.26% was acquired through the conversion of the convertible loan note (CLN) into equity shares.
Incorporated in Jersey in 2013, Tewa Motors (Jersey) is engaged in developing extended-range electric trucks (EREVs) as well as software for autonomous vehicle pollution management in urban and in environmentally-sensitive areas. The company is said to have a footprint in the UK and EU countries.
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