Exide Industries announced further investment in joint venture company to meet the funding requirement, particularly the capital expenditure projects.
Exide Industries invested an additional amount aggregating to Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy (JVC). With this investment, the equity shareholding of Exide Industries in the JVC stands increased to 80.15% stake from 77.87% stake.
Exide Leclanche Energy is an existing subsidiary of Exide Industries. The cost of acquisition of 1.32 crore equity shares (of Rs 10 at a premium of Rs 15 each) stood at Rs 33.17 crore. The equity shares have been allotted on Monday, 23 November 2020.
The announcement was made after market hours yesterday, 23 November 2020.
Shares of Exide Industries gained 0.78% to Rs 175 on BSE. Exide Industries manufactures batteries for automobiles, industrial use and for submarines.
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