Bharat Forge increases stake in EV solutions provider Tewa Motors (Jersey)
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.