11 January 2023 | |
BSE Limited, | National Stock Exchange of India Limited, |
Phiroze Jeejeebhoy Towers, | Exchange Plaza, Bandra Kurla Complex, |
Dalal Street, Mumbai - 400 001 | Bandra East, Mumbai - 400 051 |
Scrip Code: 500870 | Scrip Symbol: CASTROLIND |
Dear Sir/Madam,
Sub.: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")
With reference to our letter dated 25 November 2022 on the subject (copy enclosed), it is hereby informed to you that Castrol India Limited ("the Company"), completed the acquisition of 7.09% stake (on a fully diluted basis post acquisition) in ki Mobility Solutions Private Limited ("ki Mobility") on 10 January 2023. ki Mobility is a part of TVS Mobility group, one of the large players in the India automotive industry and houses all the recent acquisitions of the TVS Mobility group in the India automotive aftermarket. ki Mobility is one of the leading players in the automotive service, maintenance and repair sector in India.
In this regard, please find enclosed the details required to be disclosed pursuant to Regulation 30 of the SEBI Listing Regulations, read with the SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9 September 2015.
This intimation is also being made available on the Company's website at: https://www.castrol.com/en_in/india/home/investors/intimation-to-share-holders.html
Kindly take the above information on your record.
Thank you,
Yours faithfully,
For Castrol India Limited
Hemangi Ghag
Company Secretary & Compliance Officer
Encl.: A/a
Annexure 1:
Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9 September 2015
Sl. | Particulars | Disclosure |
No. | ||
1. | Name of the target entity | ki Mobility Solutions Private Limited ("ki Mobility") |
2. | Whether the acquisition would fall | No |
within related party transaction(s) and | ||
whether the promoter/ promoter | None of the Promoter(s)/persons belonging to the | |
group/ group companies have any | Promoter(s) Group and/or group companies, of | |
interest in the entity being acquired? If | Castrol India Limited, are concerned or interested in | |
yes, nature of interest and details | this transaction. | |
thereof and whether the same is done | ||
at "arm's length" |
- Industry to which the entity being Indian automotive aftermarket service industry acquired belongs
- Objects and effects of acquisition This Strategic investment is aimed at expanding
(including but not limited to, | Castrol India's presence in the aftersales service & | |
disclosure of reasons for acquisition | maintenance segment. This will drive value | |
of target entity, if its business is | generation on account of accelerated pursuit of | |
outside the main line of business of | service and maintenance ambition. Both Castrol | |
the listed entity) | and ki Mobility will explore business and | |
technology collaborations under this partnership, to | ||
bring transformative disruption within the currently | ||
fragmented automotive service sector and create | ||
leadership position together with a forward focus | ||
on EV readiness. | ||
5. | Brief details of any governmental or | Not applicable |
regulatory approvals required for the | ||
acquisition |
- Indicative time period for the N.A. completion of the acquisition.
- Nature of consideration - whether Cash cash consideration or share swap and details of the same
8. | Cost of acquisition or the price at | The Company has acquired 7.09% stake in the share |
which the shares are acquired | capital (on a fully diluted basis) of ki Mobility, for a | |
total consideration of INR 487.50 Crores, by way of |
subscription to the following shares issued by ki Mobility:
a. 95,083 Compulsorily Convertible Preference shares (Series C) of Rs. 10 each
- 100 Equity shares of Rs. 10 each
9. Percentage of shareholding / control 7.09% stake in the share capital (on a fully diluted acquired and / or number of shares basis post tranche 2) of ki Mobility through
acquiredsubscription of Compulsorily Convertible Preference shares (Series C) and equity shares, as per the details given above in point no. 8.
10. Brief background about the entity ki Mobility, a company incorporated under the
acquired in terms of products/line of | Companies Act, 2013 in India on 30 September 2018 | ||||
business | acquired, | date | of | and headquartered at Madurai, Tamil Nadu, is a | |
incorporation, history of last 3 years | part of TVS mobility group, one of the large players | ||||
turnover, country in which the | in the India automotive aftermarket industry and | ||||
acquired entity has presence and any | houses all the recent acquisitions TVS mobility | ||||
other significant information (in brief) | group has done in the India automotive aftermarket: | ||||
MFCS, Gobumpr, CarCrew Technologies. It aims to | |||||
provide an end-to-end vehicle life cycle | |||||
management and connected vehicle proposition for | |||||
consumers at the same time creating a unified | |||||
seamless experience to all the ecosystem players | |||||
[consumer, workshops, parts supply chain and B2B | |||||
partnerships] on its tech platform. | |||||
Details of last 3 years' Turnover of ki Mobility (on | |||||
Consolidated basis): | |||||
Year | Turnover | ||||
(in INR Crores) | |||||
FY 2021-22 | 1206.95 | ||||
FY 2020-21 | 819.28 | ||||
FY 2019-20 | 544.97 |
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Castrol India Ltd. published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2023 08:50:02 UTC.