Remsons Industries Limited has informed the Exchange about Preferential issue
REMSONSIND · price
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Remsons Industries' board approved acquiring a 51.01% stake in Astro Motors Private Limited, an electric vehicle manufacturer (cargo, loaders, passenger, micro-mobility). The deal is structured in two parts: a cash component of Rs. 10 Crore (subscribing to 62,500 new shares of Astro Motors at Rs. 1,600 each) and a share-swap component where Remsons will issue 3,19,994 of its own shares at Rs. 132 each to buy 26,400 shares from Astro Motors' existing promoters. Total deal value is approximately Rs. 14.22 Crore, and Astro Motors will become a subsidiary of Remsons. Astro Motors has very small revenue (Rs. 3.55 lakh in FY24, Rs. 19.51 lakh in FY23, nil in FY22). The preferential share issuance requires shareholder approval at the EGM scheduled for 6th May 2025.
The acquisition gives Remsons entry into the EV space, but the target has negligible revenue, making the strategic value unclear. The share-swap portion will result in minor dilution (~0.91%) of existing shareholders as new shares go to Astro Motors' selling promoters.