Exide Industries invests ~Rs20cr to increase stake to 84.90% in Exide Leclanche Energy

24 Jan 2022 , 01:15 PM

Exide Industries Limited (EIL) has invested ~Rs20cr by way of subscription to the equity share capital of its subsidiary, “Exide Leclanche Energy Private Limited” (Joint Venture Company), and as a result of which, its total equity shareholding in JVC stands increased by 0.9% to 84.90%. The equity shares were acquired by EIL at Rs21/- per share including a premium of Rs11/- per share

Exide Leclanche Energy belongs to 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 also engages 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 objective of the acquisition is to meet various funding requirements of JVC, company said in a filing on Saturday. 

At around 1.20 pm, Exide Industries Ltd was trading at Rs173.10 per share down by Rs2.9 or 1.65% from its previous closing of Rs176 per share on the BSE.