Atul Auto Boosts Electric Venture with INR 19.99 Crore Investment in Subsidiary

The company invested by subscribing to 2,63,156 equity shares, each with a face value of INR 10 and an additional premium of INR 750 per share.

New Delhi: ATUL has invested a large amount in its subsidiary company, ATUL GREENTEC PVT LTD. (AGPL). The amount is stated to be around 19.99 crores. This investment majorly focuses on strengthening its market position in the electric industry.

As per the sources, the company said that it invested by purchasing 2,63,156 shares at Rs.10 each, paying an additional premium of Rs.750 per share, making a total investment.

On the 6th of March, 2024, AUTL AUTO invested more money in ATUL Greentech Pvt. Ltd which was Rs.29.99 crore. Atul became the owner of 80% of the subsidiary without changing its existing shareholding percentage in AGPL.

AGPL was founded on January 20, 2020, and manufactures electric 3-wheelers & sells EV parts like battery packs, battery management systems and chargers. They mainly supply parts for L5 Category electric vehicles made by Atul Auto Limited and other electric vehicles.

The cost to acquire the 2,63,156 equity shares is INR 19.99 crore. This investment is expected to strengthen Atul Auto Limited’s position in the growing electric vehicle market. As of March 31, 2023, AGPL has a paid-up share capital of INR 12.5 crore, a turnover of INR 80 lakh, a net worth of INR 20.21 crore, and a loss of INR 4.37 crore after tax for the financial year 2022-2023.