AION-TECH SOLUTIONS LIMITED has informed the Exchange regarding Outcome of the Board meeting held on May 12, 2025.
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The Board approved the allotment of 1,76,79,770 equity shares at Rs. 110 per share (including Rs. 100 premium), raising Rs. 194.47 crores worth of shares issued for consideration other than cash to the existing shareholders of ETO Motors Private Limited. The Board also approved incorporating a new wholly owned subsidiary in Dubai, UAE focused on software development, reselling and consulting. Further, the company will invest up to Rs. 2.97 crores in its wholly owned subsidiary Roqit Green Fleet Digital Solutions, which is into EV and hydrogen mobility technology. Additionally, the company will offer fixed deposit receipts up to Rs. 10 crores as security for credit facilities of up to Rs. 10 crores availed by its subsidiary ETO Motors.
The share allotment is a significant equity dilution for existing shareholders, but it's used to acquire stake in ETO Motors via a share swap rather than cash outflow. The Dubai subsidiary and Roqit investment signal expansion into international markets and clean mobility. The Rs. 10 crore FD security for ETO Motors creates a contingent liability, though it has no impact on consolidated financials.