Hindustan Media Ventures Limited (HMVL), a prominent media company in India, has recently expanded its investment portfolio by converting warrants into equity shares of Pur Energy Limited (PURE), a Hyderabad-based electric vehicle (EV) manufacturer. This strategic move underscores HMVL’s commitment to diversifying its interests and tapping into the burgeoning EV market.
Details of the Investment:
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Conversion of Warrants: HMVL converted 21,500 warrants into 5,607,412 equity shares of PURE, amounting to an investment of ₹22.47 crore.
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Shareholding: This conversion grants HMVL approximately a 2.72% stake in PURE on a fully diluted basis.
About Pur Energy Limited (PURE):
Established in 2015 and incubated at IIT Hyderabad, PURE has emerged as a significant player in the EV sector. The company specializes in designing and manufacturing electric scooters, motorcycles, and high-performance lithium-ion batteries. Over the past three fiscal years, PURE reported turnovers of:
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FY 2021-22: ₹226 crore
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FY 2022-23: ₹140 crore
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FY 2023-24: ₹131 crore
Strategic Implications:
HMVL’s investment in PURE aligns with its strategy to diversify beyond traditional media ventures and capitalize on high-growth industries. By investing in the EV sector, HMVL positions itself to leverage its media assets while participating in the sustainable transportation revolution.
This move reflects a broader trend of media companies exploring opportunities in emerging sectors to drive future growth and innovation.
