2025-05-01 23:37:54
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Stock Report
Waaree Technologies Ltd enters into BTA with Waaree ESS Pvt Ltd
Posted On : 2022-12-22 23:14:53( TIMEZONE : IST )
Waaree Technologies Limited has entered into Business Transfer Agreement ("BTA") with M/s. Waaree ESS Private Limited for the purchase / acquisition / slump purchase of the Lithium Battery Business Undertaking ("Undertaking") from M/s. Waaree ESS Pvt Limited (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" ("Waaree ESS Slump Sale")
The Seller and the Company both, belonging to the Waaree Group of Companies, are desirous of streamlining the business operations in such a manner that the primary business segment viz. Lithium Battery Business Undertaking is undertaken by respective teams having capability and bandwidth to control, run & expand the respective business. Hence, the management of the Seller is desirous of transferring the Lithium Battery Business Undertaking in the name of the Company. As a result of the proposed arrangement, the other business operations shall continue to be carried out by the Seller exclusively and the Lithium Battery Business Undertaking shall be housed, managed & carried out exclusively by the Company. The proposed segregation of the Undertaking in the Company shall ensure the Lithium Battery Business benefits of enhanced visibility, access to capital markets to boost further business growth, liquidity to Investors, transparency and efficacy, optimal utilization of resources, operational ease, and elimination of business inefficacies among the Group.
The total cash consideration agreed between the parties is Rs. 19,75,00,000/- and the part of the same shall be adjusted against receivables / payables of the parties.
Shares of Waaree Technologies Ltd was last trading in BSE at Rs. 155.25 as compared to the previous close of Rs. 163.40. The total number of shares traded during the day was 11900 in over 17 trades.
The stock hit an intraday high of Rs. 159.00 and intraday low of 155.25. The net turnover during the day was Rs. 1860425.00.
