Waaree Technologies touches roof on getting nod to acquire lithium battery business

Waaree Technologies is currently trading at its upper circuit limit of Rs. 120.75, up by 5.75 points or 5.00% from its previous closing of Rs. 115.00 on the BSE.

The scrip opened at Rs. 120.75 and has touched a high and low of Rs. 120.75 and Rs. 120.75 respectively. So far 124600 shares were traded on the counter.

The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 148.25 on 04-Nov-2021 and a 52 week low of Rs. 61.60 on 03-Sep-2021.

Last one week high and low of the scrip stood at Rs. 120.75 and Rs. 110.20 respectively. The current market cap of the company is Rs. 130.03 crore.

The promoters holding in the company stood at 60.69%, while Institutions and Non-Institutions held NA% and 39.31% respectively.

Waaree Technologies has received an approval for the purchase / acquisition / slump purchase of the Lithium Battery Business Undertaking from related party WAAREE ESS (the Seller) together with all its assets and liabilities including the concerned licenses, permits, consents, approvals and the employees, as a going concern / on a slump sale basis on as is where is basis or in any other manner as the Board may deem fit at a consideration which would be restricted to a maximum sum of Rs 20 crore i.e. an amount of Rs 20 crore is an estimated maximum amount of the consideration and the exact consideration will be determined based on the net value of assets and liabilities forming part of the Undertaking of the Seller as on the Effective Date i.e. October 1, 2022 or as may be agreed between the Parties) post requisite approval from the shareholders of the Company at the ensuing Annual General Meeting for a combination of consideration other than cash (to be adjusted against trade receivables) and balance amount of consideration in cash. The Board of Directors of the company at its meeting held on September 02, 2022 has approved the same.

Waaree Technologies is into the business of manufacturing and supplying of adhesive tapes and synthetic paper (teslin papers) from jumbo rolls of adhesive tapes and synthetic paper (teslin) respectively. It operates as an important intermediary in the packing material supply chain, whereby it purchase materials such as tapes, labels, papers, etc., in the roll form which is further cut and repacked into smaller rolls.