June 3, 2021: Shares in the Indian lead battery maker Amara Raja dropped by more than 6% on May 25 after news broke that Clarios had sold 10% – 17.1 million shares – of its 24% stake in the company.
Media reports said that Morgan Stanley picked up 1.8 million shares along with Ghisallo Master Fund, 1.75 million, and Integrated Core Strategies, 1.4 million.
The news comes a couple of weeks after Amara Raja, the second largest battery manufacturer in India after Exide Industries, staved off the closure of its battery plants in Chittoor District that was threatened by the Andhra Pradesh Pollution Control Board for pollution issues.
The company was granted a stay of execution until June 17 after representations were made at the high court by Amara Raja Group managing director Galla Jayadev, but it is unclear whether the necessary changes have been put in place yet.
A court hearing will be held on June 28 to hear a report by the pollution control board.
Clarios on May 5 signalled its intent to go public with a draft registration statement submitted for a proposed Initial Public Offering.
The listing is pencilled in for July.