New Delhi: In a strategic transfer in the direction of bolstering its presence within the electrical automobile (EV) sector, Atul Auto Restricted has invested INR 19.99 crore in its subsidiary, Atul Greentech Personal Restricted (AGPL).
The funding, made via a subscription to fairness shares on a proper foundation, quantities to a complete of two,63,156 shares with a face worth of INR 10 every and a premium of INR 750 per share, the corporate stated.
This newest injection of funds, accomplished on March 6, 2024, brings Atul Auto Restricted’s whole funding in AGPL to INR 29.99 crore, securing an 80% stake within the subsidiary. This acquisition has not altered the prevailing shareholding share of Atul Auto Restricted in AGPL.
AGPL, included on January 28, 2020, specializes within the manufacturing of electrical three-wheelers and offers EV spares and elements, together with battery packs, battery administration techniques, and chargers. The subsidiary primarily caters to the L5 Class electrical automobiles manufactured by Atul Auto Restricted, together with numerous different purposes within the electrical motorcar sector.
The price of acquisition for the two,63,156 fairness shares stands at INR 19.99 crore, and this funding is anticipated to fortify Atul Auto Restricted’s place within the rising electrical automobile market. AGPL’s financials as of March 31, 2023, reveal a paid-up share capital of INR 12.5 crore, a turnover of INR 80 lakh, a web value of INR 20.21 crore and a lack of INR 4.37 crore after tax for FY 22-23.
