Panasonic Corporation is selling its 30.59% stake in JV - Nippo Batteries Company Limited to the Indian promoter of the company - P.Dwaraknath Reddy.
According to the filing, Nippo Batteries’ MD P.Dwaraknath Reddy would acquire from Panasonic Corporation 11,47,125 shares forming 30.59% of equity capital, its entire stake. The acquisition would be through block deal at market price prevailing on the date of transfer.
According to the filing, Nippo Batteries’ MD P.Dwaraknath Reddy would acquire from Panasonic Corporation 11,47,125 shares forming 30.59% of equity capital, its entire stake. The acquisition would be through block deal at market price prevailing on the date of transfer.
Post transaction, the stake of P.Dwaraknath Reddy in the company would increase from 11.92% to 42.51%.In another transaction, P.Dwaraknath Reddy is selling its 12.55% stake Panasonic Corbon India Company Limited to Panasonic Corporation. According to the filing, Panasonic Corporation would buy from Mr.Reddy his entire holding of 602,340 shares in Panasonic Carbon India Co. Ltd, constituting 12.55 per cent of the share capital, at R146 per share.
Post Acquisition, Panasonic Corporation’ stake would go up to 63.27% in the company.
Incorporated in 1972, Chennai based Nippo was a JV between Obul Reddy and Panasonic Corporation, a Japanese electronics company. Nippo manufactures and sells dry cells. It also trades in torches, emergency power back-up range of products and compact fluorescent lamp (CFL) bulbs. It also has windmills with a total capacity of 4.5 megawatt (MW).
Panasonic Carbon India was incorporated in 1982 and it is promoted in technical and financial collaboration with Matsushita Electrical Industries, Japan. Panasonic Carbon is engaged in the manufacturing of carbon rods used in dry cells.
Incorporated in 1972, Chennai based Nippo was a JV between Obul Reddy and Panasonic Corporation, a Japanese electronics company. Nippo manufactures and sells dry cells. It also trades in torches, emergency power back-up range of products and compact fluorescent lamp (CFL) bulbs. It also has windmills with a total capacity of 4.5 megawatt (MW).
Panasonic Carbon India was incorporated in 1982 and it is promoted in technical and financial collaboration with Matsushita Electrical Industries, Japan. Panasonic Carbon is engaged in the manufacturing of carbon rods used in dry cells.
Manufacturing plants of the company are
located at Tada in Andhra Pradesh. Panasonic Carbon supplies carbon rods
to almost all major battery producers such as Indo National, Lakhanpal
National and Eveready Industries.
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