Clarios ARBL Holding LP, a key foreign investor in Amara Raja Batteries, is likely to mark its exit from the company by selling its entire 14 percent stake via a block deal, CNBC TV-18 reported on July 17, citing sources.
The block deal will be launched on July 18, the persons privy to the development told the news channel, adding that the floor price is likely to be Rs 651 per share. This would mark a discount of around 5 percent as against the current market price.
Clarios ARBL Holding, which is a stakeholder in Amara Raja under the foreign direct investment route, holds a total of 2.39 crore shares representing 14 percent of the overall stake, as per the shareholding pattern shared with the stock exchanges.
The stake sale comes nearly two years after Clarios had slashed its shareholding by 10 percent in Amara Raja. It had executed a block deal in May 2021 to sell a total of 1.71 crore shares.
Meanwhile, Amara Raja had posted a 41 percent on-year jump in net profit to Rs 139 crore in the quarter ending March 2023. The company's revenue from operations during the same period increased by 11.37 per cent to Rs 2,429 crore. The fiscal results of Q1FY24 are awaited.
In the trading session on July 17, Amara Raja's scrip settled at Rs 684.85, which was marginally higher by 0.01 percent as against the previous day's close.
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