Exide Industries Ltd has invested INR 149.99 crore in its lithium battery arm Exide Energy Solutions Ltd (EESL) by way of subscription in the equity share capital on a rights basis. With this investment, its total investment in EESL reaches INR 3,302.23 crore (including investment made in erstwhile merged subsidiary Exide Energy Pvt Ltd).
“EESL has allotted 41,663,892 nos. equity shares of INR 10 each at a premium of INR 26 per share aggregating to INR 1,499,900,112 on rights basis to Exide Industries Ltd,” stated the company. “There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.”
EESL, incorporated in March 2022, manufactures and sells lithium-ion battery cells, modules and packs for India’s electric vehicle market and stationary applications. It is setting up a greenfield plant in Bengaluru for manufacturing and selling lithium-ion battery cells, modules and packs. The equity investment in EESL on a rights basis is to fund this greenfield project and meet its various funding requirements.
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