Exide Industries Ltd. invested approximately Rs 75 crore in a wholly owned subsidiary to set up a greenfield plant in Bengaluru. The investment was through a subscription in the equity share capital of Exide Energy Solutions Ltd. on a rights basis, according to an exchange filing on Tuesday.
The company acquired 2.08 crore shares at a premium of Rs 26 apiece. The total investment in its arm stands at Rs 2,652.24 crore, Exide said.
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EESL will use the investment to set up the greenfield plant and meet its various funding requirements. The plant is for manufacturing and selling lithium-ion battery cells, modules and packs.
EESL was incorporated on March 24, 2022, and is engaged in the business of manufacturing and selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications.
Exide's net profit rose 15% to Rs 280 crore in the first quarter of the current financial year but missed analyst estimates. Shares of Exide closed 0.09% higher at Rs 497.25 apiece on the BSE, compared to a 0.47% advance in the benchmark Sensex.
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