This update is further to the Company''s letter dated 18th May, 2022 informing about execution of Share Subscription and Purchase Agreement with shareholders of Maxwell Energy Systems Private Limited ('Maxwell'), for acquiring 100% of its equity share capital in a phased manner.
The Company has acquired 51% of the equity share capital of Maxwell on 1st July, 2022, through a combination of primary issuance and secondary purchase. Consequent to above, Maxwell has become a subsidiary of the Company with effect from the said date.
Disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015, is furnished as an Annexure to the letter to stock exchanges.