The shares of Exide Industries Limited (EIL) were trading at ₹523.70 down by ₹6.80 or 1.28 per cent on the NSE today at 11.45 am. However, the shares opened higher at ₹533.20 from the previous close at ₹530.50.
On October 10, 2024, Exide Industries Limited (EIL) announced a further investment of ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL). This investment, made through a rights issue, brings EIL’s total investment in EESL to ₹2,852.24 crore.
EESL, incorporated on March 24, 2022, is engaged in manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications. The company is currently setting up a greenfield plant in Bengaluru for this purpose.
The latest investment will fund the ongoing project and meet various funding requirements. Despite this additional investment, EIL’s shareholding in EESL remains unchanged at 100%.
As of March 31, 2024, EESL reported a turnover of ₹239.14 crore and a net loss of ₹149.45 crore. The company’s paid-up equity share capital stands at ₹995.88 crore, with a net worth of ₹1,981.56 crore.