Exide Industries on Tuesday announced that it has invested around Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL) by way of subscription in the equity share capital on rights basis. With this, the total investment, as on date, made by the company in EESL now stands at Rs 3152.24 crore, including investment made in erstwhile merged subsidiary Exide Energy Private Limited
In a regulatory filing, Exide Industries said, “This is to inform you that on 17th December 2024, Exide Industries Limited has invested Rs. 99, 99,99,972 by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited, on rights basis. With this investment, the total investment made by the company in EESL stands to Rs 3152.24 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.”
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EESL has allotted 2, 77, 77,777 nos equity shares of Rs 10 each at a premium of Rs 26 per share aggregating to Rs 99,99,99,972 on rights basis to EIL, it said.
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In the exchange filing, the company further stated that EESL is in the process of setting up a green field plant at Bengaluru for manufacturing and selling lithium-ion battery cells, modules and pack business. The green field project will be funded by the equity investment in EESL and funds will also meet its various funding requirements. “With the current investment, EIL shareholding in EESL remains unchanged at 100 per cent,” it said.
Earlier in November, Exide Industries had reported its fiscal second quarter earnings with consolidated profit at Rs 233.40 crore, down 13.7 per cent in comparison to Rs 270.32 crore during the corresponding quarter of FY24. It had posted revenue from operations at Rs 4,450.00 crore, up 1.8 per cent as against Rs 4,371.52 crore during the same period of previous fiscal year.
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