Exide Industries today has announced a significant investment of ₹74.99 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), by subscribing to equity shares on a rights basis. This investment has increased the total investment in EESL to ₹2,652.24 crore.
EESL, incorporated on March 24, 2022, is engaged in the manufacturing and sale of lithium-ion battery cells, modules, and packs, primarily catering to India’s electric vehicle market and stationary applications. The company reported a turnover of ₹239.14 crore for the fiscal year ending March 31, 2024, with a net worth of ₹1,981.56 crore.
This transaction does not alter Exide Industries’ shareholding percentage in EESL and is conducted at arm’s length. The additional equity shares were issued at a premium of ₹26 per share, amounting to a total of 2,08,33,333 equity shares subscribed by Exide Industries.
EESL operates within the battery manufacturing industry, focusing on advanced battery chemistry and form factors, including cylindrical, pouch, and prismatic batteries. The company is also involved in assembling and selling battery modules and packs, contributing to the growing demand for energy storage solutions in India.
