Affordable Robotic and Automation Limited’s shares were trading 0.34 per cent higher after gaining nearly 6 per cent on Monday. The company had earlier announced its entry into machine shop automation, introducing two 3-axis automated solutions designed for power train robots. The company anticipates generating an estimated Rs 40 crore in revenue for the new business line by FY 2025. Additionally, ARAPL foresees a 40 per cent compounded annual growth rate for the fiscal year 2023.

ARAPL RaaS, its subsidiary, is to develop India’s mobile robotic multilevel car parking system utilising automated guided vehicles. To facilitate the execution of these growth initiatives and strengthen working capital, ARAPL has disclosed a rights issue to raise Rs 48 crore. Out of this, Rs 38 crore will be directed towards the ARAPL RaaS growth fund, while the remaining Rs 10 crore will support ARAPL’s working capital requirements.

“This will be the first of its kind  robotic car parking system in India. Moreover, our machine shop automation vertical will power our efforts in the sector of robotic automation. These initiatives will ensure a successful 2024”, says Mukund Shah, CEO of ARAPL.

The shares were up by 0.34 per cent to Rs 585.10 at 9.53 a.m. on the BSE.