This anticipated stake sale marks Clarios’ second retreat from Amara Raja in less than two years. In a previous instance, Clarios curtailed its shareholding by 10 percent, executing a substantial block deal in May 2021 that entailed the sale of a significant 1.71 crore shares.
Amidst rumors abound regarding Clarios ARBL Holding LP’s intentions to part ways with Amara Raja Batteries. It is reported that Clarios plans to offload its entire 14 percent stake in the company through a block deal.
While the specifics remain hazy, insiders suggest that the deal will be launched on July 18, accompanied by a proposed floor price of Rs 651 per share. This translates to a discount of approximately 5 percent when compared to the prevailing market price.
Notably, Clarios ARBL Holding has been a key foreign investor in Amara Raja Batteries, having secured its stake through the foreign direct investment route. The conglomerate currently possesses 2.39 crore shares, constituting 14 percent of the total stake, as per the publicly available shareholding pattern.
This anticipated stake sale marks Clarios’ second retreat from Amara Raja in less than two years. In a previous instance, Clarios curtailed its shareholding by 10 percent, executing a substantial block deal in May 2021 that entailed the sale of a significant 1.71 crore shares.
Amara Raja Batteries revealed its impressive financial performance for the quarter ending March 2023. Impressively, the company witnessed a substantial 41 percent year-on-year surge in net profit, amassing a noteworthy sum of Rs 139 crore.
Additionally, its revenue from operations during the same period soared by 11.37 percent, reaching an impressive figure of Rs 2,429 crore. As investors eagerly anticipate the fiscal results of Q1FY24, the current trading session on July 17 witnessed Amara Raja’s scrip settling at Rs 684.85, a marginal increase of 0.01 percent compared to the previous day’s closing.
On NSE and BSE stock of Amara Raja Batteries fell over 6% to the day’s low of Rs 643 in Tuesday’s trade, following a likely block deal that saw 14% equity change hands, according to media reports.
