Latest News | Clarios Sells 10% Stake in Amara Raja Batteries; Stock Plunges over 6%

New Delhi, May 25 (PTI) Clarios ARBL Holding LP on Tuesday offloaded a 10 per cent stake in Amara Raja Batteries, the country's second-largest automotive battery maker, for a little over Rs 1,276 crore, through an open market transaction.

According to bulk deal data with the NSE, Clarios sold a total of 1,70,81,250 shares, representing 10 per cent stake, of Amara Raja Batteries.

The shares were sold at an average price of Rs 747.22, valuing the transaction at Rs 1,276.34 crore.

Clarios held 4.09 crore shares or a 24 percent stake in Amara Raja Batteries, as of March 2021, the shareholding pattern data with BSE showed.

Post the transaction, its stake in the company will come down to 14 per cent.

Morgan Stanley Asia, Integrated Core, and Ghisallo Master Fund LP picked up shares of Amara Raja Batteries were among the buyers of the shares.

Following the bulk deal, shares of the country's second-largest automotive battery maker plunged 6.08 per cent to settle at Rs 735.45 on the NSE, while the scrip dropped 6.43 per cent to close at Rs 733.35 on the BSE.

On Saturday, Amara Raja Batteries announced a 38 per cent surge in its net profit after tax to Rs 189 crore for the fourth quarter ended March 2021 on the back of robust sales across business verticals.

The company had reported a net profit after tax of Rs 137 crore for the January-March quarter of 2019-20.

Net revenue from operations stood at Rs 2,103 crore as against Rs 1,581 crore in the fourth quarter of 2019-20.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)