Amara Raja Batteries gains on planning to invest Rs 77 crore in Log 9
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Amara Raja Batteries is currently trading at Rs. 516.45, up by 4.90 points or 0.96% from its previous closing of Rs. 511.55 on the BSE.
The scrip opened at Rs. 514.00 and has touched a high and low of Rs. 518.00 and Rs. 513.55 respectively. So far 1492 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 781.00 on 11-Oct-2021 and a 52 week low of Rs. 438.15 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 527.00 and Rs. 495.55 respectively. The current market cap of the company is Rs. 8737.91 crore.
The promoters holding in the company stood at 28.06%, while Institutions and Non-Institutions held 29.16% and 42.77% respectively.
Amara Raja Batteries as a part of its strategic initiatives has agreed to invest Rs 77 crore in securities of Log 9 Materials Scientific (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.
Amara Raja Batteries is the flagship company of the group and is engaged in manufacturing of industrial and automotive batteries. The company was first to introduce Valve Regulated Lead Acid (VRLA) batteries with three year warranty in industrial and automotive applications.
