AION-TECH Solutions (NSE:GOLDTECH, BOM:531439) has agreed to acquire up to 54.34% stake in ETO Motors, which provides electric mobility as a service and energy as a service, for 1.94 billion Indian rupees, according to a Thursday filing to the Indian stock exchanges.
The acquisition will be done on a swap basis through preferential allotment by issue of upto 17,679,770 equity shares of 10 rupees each at an issue price of 110 rupees apiece, including premium of 100 rupees each.
The transaction is subject to the approval of the shareholders and receipt of applicable regulatory approvals.
On completion of the acquisition, AION-Tech will hold a 58.51% stake in ETO, including the present stake of 4.17%.
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