Exide Industries said that it has invested Rs 74 crore in its wholly owned subsidiary, Exide Energy Solutions (EESL) by way of subscription to share capital on right basis.
Exide Energy Solutions (EESL) is engaged in the business of manufacturing & selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications. Its turnover was Rs 239.14 crore as on 31 March 2024.EESL is in the process of setting up a green field plant at Bengaluru for manufacturing & selling lithium-ion battery cells, modules and pack business. The equity investment in EESL on a rights basis is to fund the above green field project entity and meet its various funding requirements
The company has acquired 2,08,33,333 equity shares of Rs 10 each at a premium of Rs 26 on right basis.
As on date, the total investment by Exide Industries in the equity share capital of EESL including share premium stands to Rs 2,452.24 crore including investment made in erstwhile merged subsidiary Exide Energy Private.
Exide Industries is primarily engaged in the manufacturing of storage batteries and allied products in India.
The company reported 36.55% jump in net profit to Rs 283.75 crore on 13.16% rise in revenue from operations to Rs 4,009.39 crore in Q4 FY24 over Q4 FY23.
The scrip advanced 2.27% to settle at Rs 540.80 on Wednesday, 12 June 2024.
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