Exide Industries invests INR 450 crore in battery arm Exide Energy Solutions Ltd (EESL)

Exide Industries Ltd invested INR 450 crore into its wholly owned subsidiary Exide Energy Solutions Ltd (EESL) through a rights subscription to equity share capital. This investment brings Exide's total investment in EESL to INR 4,802.23 crore, maintaining its 100% shareholding in the subsidiary. EESL, incorporated on March 24, 2022, is focused on manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle and stationary storage markets. The equity infusion will be used to fund EESL's greenfield manufacturing facility in Bengaluru, which will produce lithium-ion cells, modules, and battery packs. As part of the transaction, EESL allotted 112.5 million equity shares with a face value of INR 10 each, issued at a premium of INR 30 per share.

Counterparts (2)

Investor

Exide Industries Ltd

company

Exide Industries Ltd. is India's largest manufacturer of lead-acid storage batteries for automotive and industrial applications. The company also offers solar solutions, inverter systems, and power backup solutions, with a significant presence in India and international markets.

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Exide Energy Solutions Ltd (EESL)

company