Atul Auto invests Rs 20 cr in subsidiary via right issue

Atul Auto said that it has invested Rs 19.99 crore by way of subscription in the equity share capital of its subsidiary, Atul Greentech (AGPL), on the right basis

AGPL is in the business of electric three wheelers as well as electric vehicle spares and parts including battery packs, battery management system, battery charger etc. for the purpose of L5 Category electric vehicles of Atul Auto and various other applications and electric motor vehicles. Its turnover was Rs 80 lakh as on 31st March 2023.

The commercial vehicles manufacturer has made a total investment of Rs 19,99,98,560 by acquiring 2,63,156 equity shares at Rs 750 per equity share. The said shares were allotted on 06 March 2024.

The company is holding 80% share capital of AGPL and with the current investment, the companys shareholding in AGPL will remain unchanged.

Atul Auto is leading three wheeler manufacturing company in Rajkot, Gujarat, India. It has a complete range of 3-wheeler products across the fuel range - diesel, petrol, CNG, LPG and electric.

The company's consolidated net profit grew by 31.9% to Rs 5.08 crore on 15.4% jump in revenue from operations to Rs 151.37crore in Q3 FY24 as compared with Q3 FY23.

The scrip fell 2.48% to Rs 522.55 on the BSE.

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