Endurance Technologies Boosts Stake in Maxwell Energy to 61.5%

Endurance Technologies Limited has updated the stock exchanges regarding its increased shareholding in Maxwell Energy Systems Private Limited. This follows the company’s previous announcement on July 17, 2023, about raising its stake in Maxwell from 51% to 56%. Endurance Technologies has now further increased its shareholding to 61.5% by acquiring an additional 5.5% equity stake.

The additional stake was purchased from ION Energy, Inc. for a total cash consideration of ₹7,535, which equates to Re. 1 per share for 7,535 equity shares, each with a face value of Re. 1. This transaction was conducted as a secondary purchase and aligns with the agreed valuation methodology outlined in the Share Subscription and Purchase Agreement (SSPA) dated May 18, 2022. The company plans to acquire the remaining equity stake in annual tranches over the next three financial years, in accordance with the terms of the SSPA.

Maxwell Energy Systems, a subsidiary of Endurance Technologies, specialises in embedded electronics, particularly in battery management systems (BMS) for vehicles, including electric vehicles (EVs), as well as for stationary storage systems. The objective of acquiring the additional stake is to enhance Endurance Technologies’ capabilities in designing and developing advanced electronics platforms focused on next-generation mobility and energy storage solutions.

By leveraging Maxwell’s deep technical expertise and its experience in BMS deployment in both India and Europe, Endurance Technologies aims to strengthen its position as a preferred tier-1 auto component supplier. The company intends to utilise its established business relationships to further grow Maxwell’s business and expand its reach with OEM customers. This strategic acquisition aligns with Endurance Technologies’ goals to advance its technological offerings and bolster its market presence in the automotive and energy sectors.

About Endurance Technologies Limited

Endurance Technologies is a manufacturer and seller of aluminium die casting (including alloy wheels), transmission, suspension and braking products, with operations across India.

On August 1, 2024, the share price of Endurance Technologies Ltd opened at ₹2,623.25, touching the day’s low at ₹2,555.00, as of 10:47 AM on the NSE.

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