Summary of Key Information:
Reporting Period (Quarter/Year): Not Applicable (Corporate Action)
Nature of Filing / Announcement: Outcome of Board Meeting - Acquisition Announcement
Audit Opinion:
Not Specified
Key Financial Highlights:
Not Specified
Corporate Actions:
The Board of Directors approved the acquisition of and subscription to securities of Forsee Power India Private Limited:
- Acquisition of equity shares through primary and secondary issuance for 45% equity stake (2,95,398 equity shares)
- Subscription to optionally convertible redeemable preference shares (OCRPS I and OCRPS II) totaling 80,380 OCPRS
- Total initial consideration for both equity and OCPRS shall not exceed €4.5 Million
- Execution of Securities Subscription and Purchase Agreement (SSPA), Shareholders' Agreement, and other transaction documents
Other Significant Information:
Target Company Details:
- Name: Forsee Power India Private Limited
- Incorporation Date: July 6, 2020 under the Companies Act, 2013
- Business: Manufacturing, assembly, testing and validation of battery pack systems, including battery management systems, for electric mobility applications
- Industry: Automotive and electric mobility industry
- Country of Operation: India
Financial Performance of Forsee Power:
- FY2023 (Audited): ₹2,18,87,660 turnover
- FY2024 (Audited): ₹16,04,32,770 turnover
- FY2025 (Audited): ₹10,57,37,870 turnover
- FY2026 (Unaudited): ₹18,83,88,451 turnover
Transaction Details:
- Consideration Type: Cash consideration
- Equity Stake: 45% equity stake acquisition
- Completion Timeline: Expected on or before December 31, 2026, subject to fulfilment and/or waiver of conditions precedent
- Strategic Rationale: The investment is in line with the Company's strategic objectives and is expected to provide long-term business and commercial benefits, particularly in the electric mobility business
Conditions:
Completion is subject to fulfilment and/or waiver, as applicable, of the conditions precedent and other terms and conditions set out in the SSPA.