Exide Industries invests Rs. 25 crores in subsidiary

Exide Industries Limited ('EIL') has invested Rs. 25,00,00,000/- by way of subscription to the Compulsory Convertible Preference Shares (CCPS) of its subsidiary, "Exide Leclanche Energy Private Limited" (hereinafter referred as 'NC'). With this investment, EIL will hold 100% CCPS of the NC. The equity shareholding with voting rights of EIL in NC remains unchanged at 84.90%.

The investment is made to meet various funding requirements of NC. EIL will hold 100% of CCPS in JVC. However, there will be no change in the equity holding of EIL in JVC.

The JVC is into manufacture, assembly, trade, sale and distribution of lithium ion batteries, module making and associated systems ("Products") in the Territory ("Battery Pack Assembly Plant").

The company is also into contract manufacturing / sourcing of modules for third parties in the Territory on a case to case basis for strategic reasons as may be agreed between the Parties.

Shares of Exide Industries Limited was last trading in BSE at Rs. 157.00 as compared to the previous close of Rs. 155.90. The total number of shares traded during the day was 125857 in over 2467 trades.

The stock hit an intraday high of Rs. 157.30 and intraday low of 154.55. The net turnover during the day was Rs. 19576168.00.

Source : Equity Bulls

Keywords

ExideIndustries INE302A01020 Investment CCPS ExideLeclancheEnergy