Exide Industries Ltd invests in Exide Energy Solutions Ltd

On 20th September 2023, "Exide Industries Limited" ('Company/EIL') has invested Rs. 124,99,99,980/- (Rupees One hundred twenty four crore ninety-nine lakh ninety-nine thousand nine hundred and eighty only) by way of subscription in the equity share capital of its wholly owned subsidiary, "Exide Energy Solutions Limited" (hereinafter referred as 'EESL'), on rights basis. There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.

Exide Energy Solutions Limited (EESL), an existing wholly owned subsidiary of Exide Industries Limited (EIL) was incorporated on 24th March 2022 and will be engaged in the business of manufacturing & selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications.

EESL is in the process of setting up a plant for manufacturing & selling lithium-ion battery cells, modules and pack business. The Company has made further investment by subscribing to equity shares offered by EESL on a rights basis to fund its green field project and meet various funding requirements.

With the current investment, EIL shareholding in EESL remains unchanged at 100%.

Shares of Exide Industries Limited was last trading in BSE at Rs. 261.75 as compared to the previous close of Rs. 265.95. The total number of shares traded during the day was 196165 in over 6377 trades.

The stock hit an intraday high of Rs. 266.20 and intraday low of 260.10. The net turnover during the day was Rs. 51526845.00.

Source : Equity Bulls

Keywords

ExideIndustries INE302A01020 Investment ExideEnergySolutions LithiumionBatteryCells