Exide Industries Ltd. invested Rs 100 crore in a wholly owned subsidiary on Friday by way of subscription in the equity share capital on a rights basis. Exide Energy Solutions Ltd. allocated 2.77 crore equity shares at Rs 10 apiece at a premium of Rs 26 apiece to EIL, according to an exchange filing on Friday.
Presently, EESL has a total equity share capital of Rs 968.1 crore. After the current investment, EIL's shareholding in EESL remains unchanged at 100%, the filing stated.
Earlier, the company had infused Rs 75 crore in EESL and acquired 2.08 crore shares at a premium of Rs 26 apiece. EESL plans to set up a green field plant in Bengaluru to manufacture and sell lithium-ion battery cells, modules and pack business.
Incorporated on March 24, 2022, EESL is involved in the business of manufacturing and selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications. In the last financial year, turnover of EESL more than doubled to Rs 239.1 crore, while it incurred a loss of Rs 149.5 crore.
Shares of Exide Industries closed 1.22% higher at Rs 485.65 apiece on the BSE, compared to a 0.09% fall in the benchmark Sensex.
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