Promoters to buy 2% shares from JC in Amara Raja

Hyderabad: Amara Raja Batteries Limited (ARBL), on Wednesday said that Johnson Controls International (JC) and the Galla Family reached an agreement by which Galla Family would acquire 2 per cent equity shares of the company from Johnson Controls.

JC and Galla family currently hold 26 per cent shares each in ARBL. Upon purchase of the 2 per cent shares, Galla family will increase their holding in ARBL to 28 per cent.

Consequently, JC and Galla Family agreed to terminate the shareholders and other allied agreements with effect from April 01, 2019.

Jayadev Galla, VC and MD, ARBL said: "JC has been considering various strategic options to restructure their Power Solutions business and in November 2018 announced their intent to sell the Power Solutions business to Brookfield.