Battery maker Exide Industries Ltd (EIL) on Tuesday (November 26) said it has made a ₹99.99-crore investment in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue. This investment increases EIL’s total stake in EESL to ₹3,052.24 crore, with no change in the ownership percentage, which remains at 100%.
“This is to inform you that on 26th November 2024, Exide Industries Limited (Company/EIL) has invested Rs 99,99,99,972/- (Rupees Ninety-Nine crores ninety-nine lakhs ninety-nine thousand nine hundred and seventy-two 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,” Exide Industries said.
EESL, incorporated in March 2022, is focused on manufacturing and selling lithium-ion battery cells, modules, and packs for the electric vehicle (EV) market and stationary applications in India. The subsidiary is setting up a greenfield manufacturing plant in Bengaluru to expand its operations.
Also Read: Delhi High Court stays debarment notice against Reliance Power on future orders from SECI
As of March 31, 2024, EESL reported a paid-up equity capital of ₹1,051.44 crore, a net worth of ₹1,981.56 crore, and a turnover of ₹239.14 crore. However, the company posted a loss after tax of ₹149.45 crore for the same period.
EESL is setting up a greenfield manufacturing plant in Bengaluru, focused on producing advanced chemistry battery cells in various formats, including cylindrical, pouch, and prismatic. The investment will help EESL meet its funding requirements for the project.
Shares of Exide Industries Ltd ended at ₹425.75, down by ₹2.90, or 0.68%, on the BSE.
Also Read: LIC raises stake in Patanjali Foods to 5.02% via open market purchase
(Edited by : Shoma Bhattacharjee)
