Bharat Forge surges on proposed merger of subsidiaries

The compan y has proposed merger of Kalyani ALSTOM Power Limited and ALSTOM Bharat Forge Power Limited

Shares of Bharat Forge were up 5% at Rs 365 as the company after market hours on Monday announced plans to merge two of its subsidiaries.

Bharat Forge Ltd has informed BSE that a Scheme of Amalgamation under Sections 391 to 394 of the Indian Companies Act, 1956 amongst

Kalyani ALSTOM Power Limited (Transferor Company) a joint venture subsidiary Company of Bharat Forge Limited and ALSTOM Power Holdings S.A. having their shareholding at 51% and 49%, respectively; and ALSTOM Bharat Forge Power Limited (Transferee Company) a joint venture Company of ALSTOM Power Holdings S.A. and Bharat Forge Limited having their shareholding at 51% and 49%, respectively; and their respective Shareholders and Creditors

has been filed in the Hon’ble High Court of Delhi, the company said in a release.

The Appointed date as proposed under the scheme is April 01, 2013.

On the Scheme becoming effective, the Kalyani ALSTOM Power Limited (Transferor Company) shall stand dissolved without being wound up and amalgamated into ALSTOM Bharat Forge Power Limited (Transferee Company) a joint venture Company of ALSTOM power Holdings S.A. and Bharat Forge Limited, the release said.