Exide Industries Invests INR 100 Crore in Subsidiary Exide Energy Solutions
Exide Industries Ltd. has invested INR 100 crore in its subsidiary, Exide Energy Solutions Ltd., to support its greenfield lithium-ion battery plant in Bengaluru. The investment boosts EESL’s capacity, aiming to meet India’s growing electric vehicle demand.
October 11, 2024. By EI News Network
Kolkata-based Exide Industries Ltd. (EIL), a manufacturer of advanced chemistry battery cells, has invested INR 100 crore in its wholly owned subsidiary, Exide Energy Solutions Ltd. (EESL). EESL specialises in the production of lithium-ion battery cells, modules, and packs, catering to India's growing electric vehicle market and stationary energy applications.
This investment was made through a rights issue, with the company subscribing to 2,77,77,777 equity shares priced at INR 10 each, plus a premium of INR 26 per share. With this move,
Exide’s total investment in EESL now stands at INR 2,852.24 crore, and its stake remains at 100 percent. The funds will be used to help EESL build a new lithium-ion battery manufacturing plant in Bengaluru, which is part of the company's push to meet the growing demand for electric vehicle batteries in India.
EESL, which was established in 2022, reported a turnover of INR. 239.14 crore in the last financial year, though it also posted a loss after tax of INR 149.45 crore.
Exide has confirmed that there are no related party transactions involved in this investment, and it continues to hold full ownership of EESL.
This investment was made through a rights issue, with the company subscribing to 2,77,77,777 equity shares priced at INR 10 each, plus a premium of INR 26 per share. With this move,
Exide’s total investment in EESL now stands at INR 2,852.24 crore, and its stake remains at 100 percent. The funds will be used to help EESL build a new lithium-ion battery manufacturing plant in Bengaluru, which is part of the company's push to meet the growing demand for electric vehicle batteries in India.
EESL, which was established in 2022, reported a turnover of INR. 239.14 crore in the last financial year, though it also posted a loss after tax of INR 149.45 crore.
Exide has confirmed that there are no related party transactions involved in this investment, and it continues to hold full ownership of EESL.
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