Exide Industries Limited to acquire 26% in Clean Max Arcadia Pvt Ltd

Exide Industries Limited has entered into an agreement for acquiring 26% equity stake in "Clean Max Arcadia Private Limited", a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions Pvt Ltd. for generation and supply of solar power.

The objective of the investment in the SPV is to promote renewable energy on long term basis by qualifying as a captive consumer for solar capacity of 14.85 MWp for our factory situated in Bawal in the state of Haryana.

The Company has agreed to invest an amount Rs. 5,34,59,929 (Rupees Five Crore Thirty-Four Lakh Fifty-Nine Thousand Nine Hundred and Twenty Nine only) in the Target company.

Shares of Exide Industries Limited was last trading in BSE at Rs. 383.80 as compared to the previous close of Rs. 377.00. The total number of shares traded during the day was 2589678 in over 35296 trades.

The stock hit an intraday high of Rs. 398.05 and intraday low of 374.45. The net turnover during the day was Rs. 1001413333.00.

Source : Equity Bulls

Keywords

ExideIndustries INE302A01020 StakeAcquisition CleanMaxArcadia SolarPower CaptiveConsumer