Exide Industries’ stock surged 3% following its announcement of a ₹99.99 crore investment in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue.
This funding aims to support EESL’s expansion in the fast-growing electric vehicle (EV) sector, focusing on manufacturing lithium-ion batteries, modules, and packs. With this new investment, Exide’s total commitment to EESL has reached ₹3,052.24 crore, maintaining its 100% ownership in the subsidiary.
The move highlights Exide’s ongoing strategy to strengthen its presence in the renewable energy and EV markets.
As of 10:34 am, Exide Industries shares were trading 3.21% higher at Rs 439.45 on the NSE.
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