Amara Raja Batteries Ltd to transfer New Energy Business on slump sale basis

The Board of Directors of Amara Raja Batteries Limited at their meeting held on January 25, 2023, has approved the sale & transfer of 'New Energy Business' ("NEB") of Amara Raja Batteries Limited ("ARBL", "Seller") comprising of the lithium Battery Pack Manufacturing, Cell and a state-of-the-art R&D pilot plant for prototyping, manufacturing Li-ion cells, etc., through a slump sale arrangement on a going concern basis, to its Wholly Owned Subsidiary 'Amara Raja Advance Cell Technologies Private Limited' ("ARACT", "Buyer") and authorized officials of the company to execute the Business Transfer Agreement.

Amara Raja Advanced Cell Technologies Private Limited ("ARACT") is the Wholly Owned Subsidiary of ARBL and is engaged in the business of developing and manufacturing energy storage & management products, solutions and technologies related to lithium cells, or such other Advanced Cell Chemistries (ACC), battery packs and components including but not limited to chargers.

Lumpsum consideration of INR 167.2 Crores will be received subject to adjustment as set out in the Business Transfer Agreement.

Shares of Amara Raja Batteries Limited was last trading in BSE at Rs. 566.00 as compared to the previous close of Rs. 572.50. The total number of shares traded during the day was 8096 in over 641 trades.

The stock hit an intraday high of Rs. 572.20 and intraday low of 561.80. The net turnover during the day was Rs. 4593142.00.

Source : Equity Bulls

Keywords

AmaraRajaBatteries INE885A01032 NewEnergyBusiness SlumpSale Subsidiary LithiumBattery