Bharat Forge Ltd — Capital/Financing Update 2022

Feb 10, 2022

February 10, 2022

BHARAT FORGE

To, BSE Limited, 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE SCRIP CODE - 500493

National Stock Exchange of India Ltd., 'Exchange Plaza', Bandra-Kurla Complex, Sandra (East) Mumbai- 400 051 Symbol: BHARATFORG Series: EQ

Dear Sir,

Sub: Intimation regarding investment in the equity shares of Avaada MHVidarbha Private Limited for purchase of solar power as a single Captive User.

Ref: Notification under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

We wish to inform you that in furtherance of Company's ESG initiatives and emphasis on use of renewable energy sources, the Company has entered into a Power Purchase Agreement and Share Subscription and Shareholders' Agreement dated February 0[9] , 2022 with Avaada MHVidarbha Private Limited (AMHVPL) to purchase solar power on a Single Captive User basis thereby agreeing to acquire 26% equity stake for approximately Rs. 11,37,50,000/- (Rupees eleven crore thirty seven lakhs fifty thousand only) in AMHVPL. The investment is being made in compliance with the provisions of Electricity Act, 2003 and rules made thereunder for supply of solar power of capacity upto 32.50 MW DC equivalent to 25.0 MW AC per annum.

The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD4/2015 dated[9][th ] September, 2015 is given as under:

a) Name of the target entity, details in Target Entity Name: Avaada MHVidarbha brief such as size, turnover etc. Private Limited ("AMHVPL"). Registered office: C-11, Sector-65, Noida201301 Uttar Pradesh India. The Target Company was incorporated on April 05, 2021 and has not generated revenue from business for FY 2021-22 yet.

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KALYANI

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BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE:+ 91 20 6704 2476 6704 2451 6704 2544 (Secretarial) Fax 020 2682 2163 Email: secretarlal@bharatfarge.comWEBSITE:www.bharatforge.com CIN L25209PN1961PLC012046

BHARAT FORGE

b)	Whether the acquisition would	fall	No
	within related party transaction(s)
	and whether the promoter/
	promoter group/ group companies
	have any interest in the entity being
	acquired?
	If yes, nature of interest and details
	thereof and whether the same	is
	done at"arm's length";
c)	Industry to which the entity being		Power & Renewable Energy
	acquired belongs;
d)	Objects and efects of acquisition		AMHVPL owns, operates and maintains a
	(including but not limited	to,	solar power plant for captive consumption at
	disclosure of reasons	for	Village Renukapur, Distt. Yavatmal, in the
	acquisition of target entity, if	its	state of Maharashtra.
	business is outside the main line of
	business of the listed entity);		The investment will be made by the
			Company to get access to renewable
			energy which will benefit the Company from
			a cost saving perspective.
e)	Brief details of any governmental or		Not applicable
	regulatory approvals required	for
	the acquisition;
f)	Indicative time period	for	The completion of the acquisition is subject
	completion of the acquisition;		to the receipt of all consents, permissions
			required to be obtained by AMHVPL from
			regulatory authority for open access for
			captive consumption of electricity.
g)	Nature of consideration - whether		Cash
	cash consideration or share swap
	and details of the same;
h)	Cost of acquisition or the price which the shares are acquired;	at	Rs. 11,37,50,000/- (Rupees eleven crore thirty seven lakhs fify thousand only)
			(approx.)
i)	Percentage of shareholding	/	Upon receipt of required approvals, the
	control acquired and / or number of		Company shall acquire 26% of paid up
	shares acquired;		share capital of AMHVPL, resulting in
			AMHVPL becoming an Associate of the
			Company.

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KALYAN I
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BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE:+ 91 20 6704 2476 6704 2451 6704 2544 (Secretarial) Fax 020 2682 2163 Emall: secretar!al@bharatforge.comWEBSITE:www.bharatforge.com CIN Li.5209PN1961PLC012046

BHARAT FORGE

j) Brief background about the entity AMHVPL is incorporated on April 05, 2021. acquired in terms of products/line of AMHVPL is formed as special purpose business acquired, date of vehicle and is engaged in the business of incorporation, history of last 3 years establishing, commissioning, setting up, turnover, country in which the operating and generating of electricity/ acquired entity has presence and power supply through renewable energy any other significant information (in sources such as wind, solar, bio-mass, brief); hydro, gee-thermal, co-generation and/ or any other means including transmission, distribution, supply and sale of such power either directly or through transmission lines.

As the Company is into its first year of operations, turnover during last three financial years is not applicable

Kindly take the same on your record.

Thanking you,

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For Bharat Forge Limit

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Teja ini Chaudhari Company Secretary

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KALYAN I

BHARAT FORGE LIMITED, MUNDHWA, PUNE 411036, MAHARASHTRA, INDIA. PHONE:+ 9120 6704 2476 6704 2451 6704 2544 (Secretarial) Fax 020 2682 2163 trrl.JII: �ecrltdrtal[Atnaratrorge.com Wl:H�l 11:! WWW.11arattorge.com LIN LL!>LUYl-'N1%11-'LLU1LU4b