Amara Raja Batteries to invest Rs77 crore in Log 9; Stock climbs over 1.5%

25 Aug 2022 , 09:44 AM

Amara Raja Batteries Limited as a part of its strategic initiatives has agreed to invest Rs77 crore in securities of Log 9 Materials Scientific Private Limited (“Log 9”) in one or more tranches and further executed the necessary transaction documents on August 24, 2022, Wednesday.

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.

As per the filing, the investment is a part of its focus to foray into new green technologies / solutions. These initiatives will include expansion and investment that will help the Company to maintain its technological & business leadership in the Energy & Mobility space, apart from creating new growth avenues.

Log 9 is a Bengaluru located advanced battery and deep-tech start-up founded by Dr. Akshay Singhal, Kartik Hajela and Pankaj Sharma incorporated in 2015.

At around 9:47 AM, Amara Raja Batteries Ltd is currently trading at Rs519.90 per share up by Rs8.35 or 1.63% from its previous closing of Rs511.55 per share on the BSE.

For feedback and suggestions, write to us at [e-mail]