Exide Industries Ltd has invested INR 74.99 crore in lithium battery arm Exide Energy Solutions (EESL) by way of subscription in the equity share capital on rights basis.
“EESL has allotted 20,833,333 equity shares of INR 10 each at a premium of INR 26 per share aggregating to INR 74.99 crore on rights basis to Exide Industries Ltd,” the company said in a stock exchange filing.
With this investment, Exide Industries’ total investment in EESL reaches INR 2,652.24 crore. There is no change in its shareholding percentage in EESL pursuant to such an acquisition.
Exide Energy Solutions Ltd, incorporated in 2022, is engaged in manufacturing and sales of lithium-ion battery cells, modules and packs for India’s electric vehicle market and stationary applications. It manufactures battery cells of advanced chemistry and form factors, including cylindrical, pouch, and prismatic.
Exide Energy Solutions’ net worth as on March 31, 2024 was INR 1,981.56 crore.
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