Bharat Forge 's board has approved a significant restructuring initiative for its German subsidiary BF CDP GmbH, marking a major strategic shift in the company's European operations. The board meeting held on April 9, 2026, reviewed and evaluated a comprehensive proposal for the phased restructuring of the steel forging operations at the wholly owned subsidiary located in Ennepetal, Germany.

Board Meeting Outcome

The restructuring proposal may include an orderly wind-down and solvent liquidation of BF CDP, in accordance with applicable German laws. This strategic decision is being considered in light of the market challenges and associated cost disadvantages faced by BF CDP in Germany. The board meeting commenced at 12:30 P.M. and concluded at 12:50 P.M.

Financial Support Framework

To facilitate the proposed restructuring, the board has approved a substantial financing arrangement of up to EUR 30 million. This financial commitment demonstrates the company's dedication to ensuring a structured and responsible approach to the potential closure of its German operations. The financing will support various aspects of the restructuring process, including operational wind-down costs and liquidation procedures.

Governance and Implementation

The board has delegated necessary authorities to its sub-committee to oversee further evaluation and implementation of the restructuring plan. This governance structure ensures proper oversight and management of the complex restructuring process. The company has committed to communicating subsequent developments to the stock exchanges in accordance with SEBI Listing Regulations.

Strategic Implications

This restructuring decision represents a significant development in Bharat Forge's international operations strategy. The potential closure of BF CDP GmbH indicates the company's focus on optimizing its global footprint and addressing underperforming assets in challenging market conditions. The phased approach suggests careful consideration of all stakeholders involved in the process, including regulatory compliance under German laws.

Bharat Forge Limited has filed a compliance certificate with stock exchanges confirming adherence to SEBI dematerialization regulations for the quarter ended March 31, 2026. The company submitted the certificate on April 8, 2026, to both BSE Limited and National Stock Exchange of India Limited.

Regulatory Compliance Confirmation

The certificate was filed pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. Company Secretary and Compliance Officer Tejaswini Chaudhari confirmed that all dematerialization requests received during Q4FY26 were processed within the stipulated time limit.

RTA Confirmation Details

The compliance confirmation was supported by a letter dated April 3, 2026, from the company's Registrar & Transfer Agents, MUFG Intime India Private Limited (formerly Link Intime India Private Limited). The RTA provided comprehensive confirmation of dematerialization process compliance.

MUFG Intime confirmed several key compliance aspects:

• Securities received from depository participants for dematerialization during Q4FY26 were confirmed to depositories
• Security certificates received for dematerialization were properly accepted or rejected
• Securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates were mutilated and cancelled after due verification by depository participants
• Depositories' names were substituted in the register of members as registered owners within prescribed timelines

Corporate Information

The filing was made by Tejaswini Chaudhari, who serves as Company Secretary and Compliance Officer with membership number A18907. The certificate was digitally signed on April 8, 2026, at 17:00:30 +05'30'.

The regulatory filing demonstrates the company's commitment to maintaining compliance with SEBI regulations governing dematerialization processes and depositories operations.