18 Dec , 2024 By : Debdeep Gupta
Exide Industries' share price is trading lower in the early trade on December 18 after the company has made further investment in its subsidiary Exide Energy Solutions (EESL).
At 09:23 am, Exide Industries was quoting at Rs 448.85, down Rs 2.00, or 0.44 percent, on the BSE.
The company has invested Rs 99, 99,99,972 by way of subscription in the equity share capital of its wholly owned subsidiary Exide Energy Solutions, on a rights basis.
With this investment, the total investment made by the company in EESL stands at Rs 3152.24 crore.
There is no change in the shareholding percentage of the company in EESL under such an acquisition.
EESL has allotted 2,77,77,777 equity shares of Rs 10 each at a premium of Rs 26 per share aggregating to Rs 99,99,99,972 on a rights basis to the company.
The subsidiary is in the process of setting up a green field plant in Bengaluru for manufacturing & selling lithium-ion battery cells, modules, and pack business.
The equity investment in EESL on a rights basis is to fund the green field project and meet its various funding requirements.
GreenLine Mobility Solutions will supply 1,000 liquefied natural gas (LNG)--powered trucks to battery manufacturer Exide Industries to help reduce vehicular emissions.
The company's standalone profit after tax for the July-September quarter rose 3.8% to Rs 298 crore.
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