Exide Industries added 2.05% to Rs 507.45 after the company said that it has invested Rs 74.99 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.
EESL has allotted 2,08,33,333 equity shares of Rs 10 each were acquired at a premium of Rs 26 each aggregating to Rs 74.99 crore on right basis to the company. The said transaction is at arm's length.
As on date, the total investment by Exide Industries in the equity share capital of EESL stood at Rs 2,652.24 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.
Exide Industries is primarily engaged in the manufacturing of storage batteries and allied products in India.
The company reported 1% decline in consolidated net profit to Rs 220.06 crore in Q1 FY25 as against 222.31 crore posted in Q1 FY24. Revenue from operations grew 4.5% YoY to Rs 4,435.71 crore in Q1 FY25.
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