Aion-Tech Solutions (BOM:531439, NSE:GOLDTECH) approved the allotment of 17.7 million shares at 110 Indian rupees apiece for a total value of 1.94 billion rupees to shareholders of ETO Motors as consideration other than cash, according to a Monday filing on the local bourses.
The board also cleared the incorporation of a wholly owned subsidiary in Dubai, and approved an additional investment of 29.7 million rupees in Roqit Green Fleet Digital Solutions, a subsidiary focused on zero-emission fleet technologies.
Separately, Aion-Tech said it would offer fixed deposit receipts of up to 100 million rupees to secure loans for ETO Motors.
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