Exide Industries Ltd Invests Rs 125 Cr Approx. In Exide Energy Solutions Ltd

Midcap Auto components company Exide Industries Ltd. (EIL) on Wednesday, Sept 20, 2023, informed the exchanges that the company has invested Rs. 124,99,99,980 by way of subscription in its wholly owned subsidiary, Exide Energy Solutions Limited.

Exide Energy Solutions Limited (EESL), is an existing wholly owned subsidiary of Exide Industries Ltd. The company is engaged in the business of manufacturing & selling lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications.

The company in an exchange filing said, "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."

The shares of Exide Industries on Wednesday closed 1.58% lower at Rs 261.75 apiece on the BSE. The stock declined 2.22% in 1 week. It surges 57.35% in 1 year, 45.26% in 2 years, and 56.74% in 3 years, respectively.

Its market capitalization is Rs 22,248.75 Crore. The 52-week high and low for the stock are Rs 280 apiece and Rs 152.75 apiece, respectively.