 "Exide Ind up 4% as it invests over Rs 99 crore in arm Exide Energy")
Exide Industries shares soared 3.8 per cent on Friday, registering an intraday high of Rs 531.6 per share on BSE. The buying interest in the stock came after the auto components company invested over Rs 99 crore in its arm Exide Energy Solutions on a rights basis.
At around 11:33 AM, Exide Industries share price was up 2.38 per cent at Rs 524.15 per share. In comparison, the BSE Sensex was down 0.29 per cent at 81,373.39. The market capitalisation of the company stood at Rs 44,637.75 crore around the same time.
"This is to inform you that on October 10, 2024, Exide Industries Limited invested Rs. 99,99,99,972/- by way of subscription in the equity share capital of its wholly owned subsidiary, 'Exide Energy Solutions Limited' on rights basis," the company's stock exchange filing read.
With this investment, Exide Industries' total investment made in Exide Energy Solutions stands at Rs 2,852.24 crore. Additionally, there is no change in the shareholding percentage of Exide Industries in Exide Energy Solution.
Meanwhile, as per the exchange filing, Exide Energy Solutions has allotted 2,77,77,777 shares of Rs 10 each at a premium of Rs 26 per share aggregating to Rs 99,99,99,972 on rights basis to Exide Industries.
With the current investment, Exide Industries' shareholding in Exide Energy Solutions remains unchanged at 100 per cent.
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Exide Energy Solutions is in the process of setting up a green field plant at but not limited to, disclosure of reasons for Bengaluru for manufacturing and selling lithium-ion battery acquisition of target entity, if its business is cells, modules, and pack business.
The equity investment is to fund the above green field listed entity project and meet its various funding requirements.
In the past one year, Exide Industries shares have gained 85 per cent as against Sensex's rise of 23 per cent.