Exide Ind gains 4% on investing over Rs 99 crore in Exide Energy Solutions

Exide Industries' share price gained 3.6 per cent in Wednesday's trade and logged an intraday high at Rs 441.4 per share on BSE. The stock climbed after the company made further investments of around Rs 99 crore in its subsidiary Exide Energy Solutions Ltd. 

 

Around 12:28 PM, Exide Industries shares rose 3.56 per cent at Rs 440.9 per share on BSE. In comparison, the BSE Sensex was up 0.23 per cent at 80,184.56. The market capitalisation of the company stood at Rs 37,476.50 crore. 

 

"This is to inform you that on 26th November 2024, "Exide Industries Limited" ('Company/EIL') invested Rs. 99,99,99,972/- (Rupees Ninety-Nine crores ninety-nine lakhs ninety-nine thousand nine hundred and seventy-two only) by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited," the filing read. 

 

With this investment, the total investment made by Exide Industries in its arm stands at Rs 3,052.24 crore. There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition. 

 

Exide Industries is a manufacturer of lead-acid storage batteries for automotive, industrial, and other applications. Established in 1947, it is a prominent player in the Indian battery industry and has a strong presence across multiple segments, including automotive, power, and telecom. The company manufactures a wide range of batteries for sectors such as transportation, renewable energy, and telecommunications.

 

Exide's products are known for their high quality and reliability, and the company has built a reputation for providing durable and long-lasting battery solutions. Exide also offers specialized batteries for electric vehicles (EVs) and backup power systems, playing a significant role in supporting India's energy storage needs.

 

The company operates across India and has a global reach, with manufacturing facilities in several locations. Exide is also involved in research and development to innovate and improve its battery technologies, striving to meet the growing demand for energy-efficient and environmentally friendly products. 

 

Exide Energy Solutions, an existing wholly owned subsidiary of Exide Industries was incorporated on March 24, 2022, and is engaged in the business of manufacturing and selling lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications.

 

In the past one year, Exide Industries shares have gained 50.4 per cent against Sensex's rise of 20.8 per cent.