Exide Industries Limited updates on investment in SPV for Renewable Power

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

The Company has subscribed 24,80,625 equity shares of Rs.80/- each aggregating to Rs. 19,84,50,000 (Rupees Nineteen Crore Eighty Four Lakh Fifty Thousand only) in Ulric Renewables Private Limited today i.e., April 10, 2023. With this investment, the aggregate shareholding of the Company constitutes to 39.08% of issued and paid-up capital of Ulric Renewables Private Limited.

Shares of Exide Industries Limited was last trading in BSE at Rs. 181.30 as compared to the previous close of Rs. 181.00. The total number of shares traded during the day was 55323 in over 1378 trades.

The stock hit an intraday high of Rs. 182.05 and intraday low of 179.00. The net turnover during the day was Rs. 10001549.00.

Source : Equity Bulls

Keywords

ExideIndustries INE302A01020 Investment SPV UlricRenewables WindPower