Exide Industries makes strategic investment of Rs 40 crore in subsidiary Exide Energy Solutions

28 Dec 2023 , 11:11 AM

Exide Industries’ shares climbed roughly 1% in early trade on December 28 after the company invested Rs 40 crores in equity shares of its fully owned subsidiary Exide Energy Solutions.

Exide Industries has invested Rs 40 crore in the equity shares of Exide Energy Solutions Limited (EESL), a wholly-owned subsidiary. With this transaction, the company’s total investment in Exide Energy Solutions now stands at Rs 1,820.01 crore.

At around 10.28 AM, Exide Industries was trading 0.27% higher at Rs 301.85, against the previous close of Rs 301.05 on NSE. The company touched an intraday high of Rs 302.95.

Exide Energy Solutions Limited (EESL), an existing wholly owned subsidiary of Exide Industries Limited (EIL), was incorporated on March 24, 2022, and will manufacture and sell lithium-ion battery cells, packs, and modules for India’s electric vehicle market and stationary applications.

Furthermore, there is no change in the company’s ownership % in Exide Energy Solutions following the acquisition of shares, as reported in a filing with the BSE on December 27.

For feedback and suggestions, write to us at [e-mail]