Bondada Engineering Ltd to acquire substantial stake in Atpole Technologies Pvt Ltd

The board of directors of M/s. Bondada Engineering Limited (the Company) at its meeting held today i.e., on Friday, the 29th December, 2023 at 5.00 PM at the registered office of the Company situated at 1-1-27/37, Ashok Manoj Nagar Kapra, Hyderabad, Telangana, India, 500062 and concluded at 6.45 PM, has approved the proposal to acquire substantial stake of 60% in the paid up equity share capital of M/s. Atpole Technologies Private Limited (ATPOLE). Consequent to the acquisition upto 60% of the equity stake by the Company, ATPOLE will become subsidiary Company of Bondada Engineering Limited.

The cost of acquisition is approximately up Rs. 2,19,00,000/- (Rupees Two Crore Nineteen lakhs only)

ATPOLE is a leading manufacturer of advanced torque motors and controllers for EV 2&3 Wheelers, Drones, Defence and Industrial application motors. They are specialized in the design, development, and production of Brush less DC (BLDC) and Permanent Magnet Synchronous Motors (PMSM) as well as advanced torque controllers.

The acquisition will help the Company in its foray into the Renewable Energy space as Atpole Technologies Private Limited is a leading manufacturer of advanced torque motors and controllers for EV 2&3 Wheelers, Drones, Defence and Industrial application motors. Post this acquisition, the Company is planning to rapidly increase its print in BLDC motor business segment by serving all electric vehicle manufacturing companies by synergizing with its existing businesses. With this acquisition the Company would head towards conservation of energy and thereby achieving its green energy goals.

Shares of Bondada Engineering Limited was last trading in BSE at Rs. 397.25 as compared to the previous close of Rs. 378.35. The total number of shares traded during the day was 26400 in over 31 trades.

The stock hit an intraday high of Rs. 397.25 and intraday low of 393.00. The net turnover during the day was Rs. 10451160.00.

Source : Equity Bulls

Keywords

BondadaEngineering INE0Q8P01011 TelecomInfrastructure Acquisition AtpoleTechnologies