Atul Auto Limited has announced a strategic investment of Rs 19,99,98,560 in its subsidiary, Atul Greentech Private Limited (AGPL). The investment, made through a subscription of equity shares on a rights basis, was completed on March 6, 2024.
AGPL, incorporated on January 28, 2020, specializes in the electric three-wheeler business and produces electric vehicle components, including battery packs, battery management systems, and chargers. The subsidiary’s turnover for the fiscal year 2022-23 was Rs. 80 Lacs.
With this investment, Atul Auto Limited now holds a total investment of Rs. 29.99 Crore in AGPL, owning an 80% stake in the subsidiary. The acquisition does not alter the shareholding percentage of Atul Auto Limited in AGPL.
The investment is part of Atul Auto Limited’s commitment to strengthening its presence in the electric vehicle sector. The company aims to leverage AGPL’s expertise to further its position in the market and contribute to the growth of sustainable mobility solutions in India.
The acquisition, carried out on a cash consideration basis, involved the subscription of 2,63,156 equity shares of AGPL at a face value of Rs. 10 each, with a premium of Rs. 750 per share. The completion of this transaction aligns with Atul Auto Limited’s strategic vision for the future.
