Exide Industries Ltd to invest in SPV for captive wind power projects

Exide Industries Limited ('the Company') has entered into 'Share Subscription and Shareholders' Agreement' ("SSSA") and 'Power Purchase Agreements' dated 28th February 2023 with Ulric Renewables Private Limited, a Special Purpose Vehicle promoted and incorporated by Cleantech Solar India OA 2 Pte. Ltd. (CLEANTECH) for setting up captive wind power projects aggregating to 18.9 MW for various manufacturing facilities of the Company.

In terms of the SSSA, the Company has agreed to invest in the equity shares comprising atleast 26% of issued and paid-up capital of Ulric Renewables Private Limited.

The Company has agreed to invest amount upto Rs. 19.85 crore in the equity share capital of the Target company, in one or more tranches. The proposed investment would constitute around 39.08% of the total paid-up equity share capital of the Target company.

The Company has agreed to purchase the Metered Energy from off-site gridconnected ground-mounted captive wind power plant being developed by Cleantech, through the Target company for supplying green energy to the plants of the Company situated in the state of Maharashtra and Tamil Nadu.

Shares of Exide Industries Limited was last trading in BSE at Rs. 175.40 as compared to the previous close of Rs. 173.40. The total number of shares traded during the day was 165074 in over 3237 trades.

The stock hit an intraday high of Rs. 176.80 and intraday low of 171.45. The net turnover during the day was Rs. 28762792.00.

Source : Equity Bulls

Keywords

ExideIndustries INE302A01020 Acquisition SPV UlricRenewables