Jupiter Wagons Raises Stake In Arm Jupiter Electric Mobility To 75%
Jupiter Wagons Ltd. has increased its shareholding in subsidiary company Jupiter Electric Mobility Pvt. from existing 60% to 75% of its paid-up share capital.
The increase in shareholding was consequent to issuance of additional equity shares on preferential basis and transfer of equity shares to the company, according to an exchange filing on Tuesday.
Jupiter Wagons, as part of the acquisition, subscribed 3,340 equity shares of face value of Rs 10 at a premium of Rs 90 per share, "aggregating Rs 3,34,000 on preferential basis".
The acquisition also involved the "transfer of 665 equity shares at a consideration of Rs 66,500 with a face value of Rs 10 per share", the filing said.
As Jupiter Electric Mobility is a subsidiary of the company, the acquisition falls within related party transaction for which necessary approval has been taken, it added.
The indicative time period for completion of the acquisition is 30 days, the filing further noted.
Jupiter Electric Mobility—a company known for designing and manufacturing cutting-edge electric trucks, light commercial vehicles, and energy storage solutions for various applications—was incorporated in November 2021.
The company, with manufacturing plants in Indore and Bengaluru, logged a turnover Rs 32.54 lakh in fiscal 2024.
Shares of Jupiter Wagon on Tuesday closed 3.14% higher at Rs 500.95 apiece on the NSE, compared to a flat close for the benchmark Nifty 50.
Three out of the five analysts tracking the company have a 'buy' rating on the stock and two recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9%.
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