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ICICI Direct Report
Amara Raja Batteries Ltd. is a part of the duopolistic organised Indian lead acid battery market with a strong presence across automotive and industrial battery space.
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The company announced demerging plastic component for battery business of Mangal Industries Ltd. (unlisted promoter entity) and merging it into Amara Raja (listed entity) for a swap ratio of 65 equity shares of Amara Raja for every 74 equity shares of Mangal Industries.
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Total Amara Raja shares to be issued to promoters for acquiring this business is pegged at 1.22 crore shares (acquisition value at current market price ~Rs 592 crore). Post this, promoter holding in Amara Raja will increase from 28.1% to 32.9%.
Demerged entity currently generates ~Rs 570 crore of revenue (FY22) with Ebitda pegged at Rs 98 crore (Ebitda margins at 17%) and profit after tax at Rs 57 crore (profit after tax margins at 10%) with Amara Raja being its sole customer.
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