Exide Industries makes further investment in subsidiary Exide Leclanche Energy

The battery-manufacturer said it has further invested an amount aggregating to Rs 39.99 crore by the way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy.

With this investment, the equity shareholding of Exide Industries in the joint venture company (JVC) Exide Leclanche Energy increased by 2.56% to 82.71% from 80.15% of the total paid-up share capital, held earlier.

The JVC is involved in the manufacture, assembly, trade, sale and distribution of lithium ion batteries, module making and associated systems (Products) in the Territory (Battery Pack Assembly Plant). It is also involved in contract manufacturing/ sourcing of modules for third parties in the Territory on a case to case basis for strategic reasons as may be agreed between the Parties.

The announcement was made after market hours on Tuesday, 13 April 2021. The domestic equity markets were shut yesterday, 14 April 2021 on account of Ambedkar Jayanti.

Shares of Exide Industries rose 0.11% to Rs 179.55 on BSE. Exide Industries manufactures batteries for automobiles, industrial use and for submarines.

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