Remsons Industries Acquires 51.01% Stake in Astro Motors Private Limited for Rs. 14.22 Crore

Remsons Industries Ltd. announced the outcome of its Board Meeting held on 9th April, 2025. The company approved the acquisition of 51.01% stake in Astro Motors Private Limited. The acquisition will be made in two ways: (a) by subscribing for 62,500 new Equity Shares of Rs. 10/- each for cash at a price of Rs. 1,600/- per share; and (b) by acquiring 26,400 Equity Shares of Rs. 10/- each from the existing promoters of the Company, consideration to be paid by issue and allotment of 3,19,994 new Equity Shares of Rs. 2/- each at a price of Rs. 132/- per share. The total cost of acquisition is approximately Rs. 14.22 Crore. Astro Motors Private Limited, incorporated in 2020, is engaged in the business of developing and manufacturing of electric vehicles for cargo, loaders, passengers and micro mobility. The acquisition is expected to be completed by 30th June, 2025.