Auto component major Bharat Forge is set to pick up a 45% stake in Pune based electric motorcycle startup Tork Motors for a strategic investment of Rs 30 crores ($4.7m) through a mix of primary and secondary purchase of shares, as reported by Mint and The Economic Times. According to the BSE filing, the investment commitee of Bharat Forge has approved to acquire 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.

DSK Legal assisted Bharat Forge in the drafting, reviewing, negotiating and revising of the transaction and closing documents and was represented by partner Narendra Dingankar and senior associate Varun Shah.

Legalogic Consulting acted as the legal advisors for Tork motors in the transaction.

Founded by mechanical engineer Kapil Shelke, Tork Motors is focussed on developing premium electric motorcycles and had unveiled India’s first all-electric motorcycle T6X in September 2016, which is capable of going 100 km on a single charge. It was also reported that the current investment that is to be completed in three tranches over two years, shall help Bharat Forge in developing subsystems and components to address the huge potential in the Indian personal mobility space.

2018-02-08

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