Car battery maker Clarios has sold a 10% stake in Amara Raja Batteries for about Rs 1,200 crore ($165 million) through an open market deal, a filing showed.
According to the filing, Wisconsin-based Clarios held 24% stake or 41 million shares in Amara Raja Batteries as of March 31. The latest 10% stake sold represents 17.1 million shares.
Clarios sold the shares to Ghisallo Master Fund, Integrated Core Strategies Asia Pte Ltd and Morgan Stanley Asia Singapore Pte Odi.
Following the deal, shares of Amara Raja Batteries fell as much as 6.3% on Tuesday, hitting their lowest since October last year.
Founded in 1985, Amara Raja Batteries manufactures lead-acid batteries for industries and automobiles under Amaron and PowerZone brands.
Last week, the company reported a 38% year-on-year rise in net profit after tax to Rs 189 crore for the quarter ended March.
Earlier in the month, Clarios filed paperwork with the US Securities and Exchange Commission for an initial public offering, reports said.