Deal Street

February 16, 2018

DSK Legal advises Bharat Forge on 45% stake acquisition in TORK Motors


DSK-Legal

Auto components major Bharat Forge said it will make a strategic investment of up to Rs 30 crore to acquire 45 per cent stake in Pune-based electric vehicle (EV) startup TORK Motors.

"The investment committee of the company has approved the acquisition of 4,736 equity shares of Rs 10 each at a premium of Rs 21,103 each and 2,841 preference shares of Rs 100 each at a premium of Rs 21,013 as an initial subscription," Bharat Forge said in a BSE filing.

DSK Legal with a team led by Partner Mr. Narendra Dingankar and Senior Associate, Mr. Varun Shah advised Bharat Forge Limited (“BFL”) with respect to its acquisition of 45% stake in Tork Motors Private Limited (“Tork”) by way of primary as well as secondary purchase of shares. The respective agreements were signed in the first week of February, 2018.

DSK Legal assisted in (i) drafting/reviewing, negotiating and revising the transaction documents viz. share subscription agreement, share purchase agreements, shareholders agreement etc.; (ii) reviewing closing documents; and (iii) assisting in execution and review of closing documents for the transaction.

LegaLogic Consulting acted for Tork.

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