Clarios ARBL sells entire 14% in Amara Raja Batteries via block deal; Kotak MF, Societe Generale pitch in as buyers
Clarios ARBL sells entire 14% in Amara Raja Batteries via block deal; Kotak MF, Societe Generale pitch in as buyers
Further, Kotak Mutual Fund, Nippon India Mutual Fund, Sociere Generale, Tata AIA Life Insurance, Pinebridge Funds have picked up stake in the company, exchange data showed.
According to latest shareholding data, the company is majority owned by public shareholders at 71.94% stake, while promoters own the rest 28.06%.
Among the public shareholders, mutual funds have about 2.47%, while LIC has 7.23%. Meanwhile, foreign investors own about 20.5% in the company.
Earlier during the day, the company's shares fell over 6%, closing at Rs 640.9 on reports of the bulk deal.
Amara Raja Batteries is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry.
The company is a preferred supplier to major telecom service providers, telecom equipment manufacturers, the UPS sector, Indian Railways and to the power, oil and Gas, among other industry segments.
Amara Raja shares have outperformed the Nifty50 and have given returns of 36% over a 12 month period versus 21% returned by the index.
The stock has been relatively low on volatility and traded with a 1 month beta of 0.7.
The net profit reported during the quarter stood at Rs 138 crore, down from Rs 223 crore in Q3FY23. Meanwhile, the profit after tax (PAT) during Q4FY22 stood at Rs 98.8 crore.
