India: Integra Switchgear shareholders have approved the acquisition of a 95 % stake in Magnatech Co. Ltd, a South Korean battery and energy storage company.
The transaction, approved at Integra Switchgear’s annual general meeting on 30 September, covers 16.59 million Magnatech shares and values the acquisition at $310 M (INR 29.87 billion).
The acquisition will be completed through a 1:12 share swap. For each Magnatech share with a face value of $0.37 (KRW 500), shareholders will receive 12 Integra Switchgear shares with a face value of $0.1 (INR 10) and an issue price of $0.16 (INR 15).
Magnatech, established in 2005, manufactures rechargeable batteries using NMC and LFP chemistries, alongside LED lighting products. The company reported turnover of $4.6 M (INR 446.5 M) in 2025.
Shareholders also approved an increase in Integra Switchgear’s authorised share capital and two preferential equity issues, including up to 199.12 million shares to support the swap transaction.
All votes cast supported the resolutions. According to the disclosed voting figures, the promoter and promoter group accounted for approximately 99.6% of votes polled. The acquisition is classified as a related-party transaction because promoters also hold shares in Magnatech.
Source: Scanx
