HBL Power Systems inches up on planning to invest up to Rs 150 crore in Tonbo Imaging India

HBL Power Systems is currently trading at Rs. 97.20, up by 0.15 points or 0.15% from its previous closing of Rs. 97.05 on the BSE.

The scrip opened at Rs. 97.50 and has touched a high and low of Rs. 99.50 and Rs. 96.65 respectively. So far 73851 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 121.80 on 10-Oct-2022 and a 52 week low of Rs. 56.30 on 07-Mar-2022.

Last one week high and low of the scrip stood at Rs. 105.95 and Rs. 95.50 respectively. The current market cap of the company is Rs. 2690.18 crore.

The promoters holding in the company stood at 59.02%, while Institutions and Non-Institutions held 1.77% and 39.21% respectively.

HBL Power Systems has agreed to invest up to Rs 150 crore in Tonbo Imaging India, a leading Electro-optic solutions provider for defence applications, in the form of CCPS. HBL will also make a nominal investment in Tonbo Singapore. This investment is subject to the execution of agreements, spread over 3 trenches, linked to fulfilment of customary conditions precedents as well as closing conditions and is expected to be concluded over the next 6 months. Depending on the various parameters applicable to the valuation conditions, on final conversion, HBL will own 35.96% at floor valuation and 34.46% at cap valuation.

Tonbo Imaging is an Indian company that indigenously designs and manufactures electro-optics and imaging systems for surveillance, reconnaissance and targeting. The ability to see better at night and over longer ranges to effectively engage targets, is a much needed and sought-after technology. Tonbo is recognized as a supplier of advanced electro-optics systems with field proven deployments in over 25 countries. It is also a supplier to the Indian Ministries of Defence and Home Affairs.

HBL has a strong presence in defence through its product portfolio in batteries, fuzes and electronic systems. The investment in Tonbo allows HBL to expand its defense business with a larger portfolio of key technology components and products that are in high demand for military and homeland security upgradations in India and other emerging markets.

HBL Power Systems is the pioneer in the design, development and manufacture of specialized batteries and DC systems in India. It has more than 30 years of experience in the field of specialized batteries and DC power systems.