Amara Raja Batteries Ltd to invest Rs. 77 crore in Log 9

Amara Raja Batteries Limited ('Company') as a part of its strategic initiatives has agreed to invest Rs.77.00 crore in securities of Log 9 Materials Scientific Private Limited ("Log 9") in one or more tranches and has executed the necessary Transaction Documents on August 24, 2022. The proposed investment including the investments, previously made would entitle the Company, to a stake of 15.38% (on fully diluted basis) in Log 9.

The Company's investment is a part of its focus to venture into new green technologies / solutions. These initiatives will include expansion and investment that will help the Company maintain technological & business leadership in the Energy & Mobility space, apart from creating new growth avenues.

Log 9 is a Bengaluru based advanced battery and deep-tech start-up founded by Dr. Akshay Singhal, Mr. Kartik Hajela and Mr. Pankaj Sharma incorporated in 2015.

Shares of Amara Raja Batteries Limited was last trading in BSE at Rs. 510.50 as compared to the previous close of Rs. 501.80. The total number of shares traded during the day was 37176 in over 2859 trades.

The stock hit an intraday high of Rs. 514.55 and intraday low of 495.55. The net turnover during the day was Rs. 18897229.00.

Source : Equity Bulls

Keywords

AmaraRajaBatteries INE885A01032 Investment StrategicInitiative Log9MaterialsScientific