By: ICN Bureau
Last updated : December 28, 2023 12:51 pm
Total investment made by the company in EESL stands to Rs. 1,820.01 crore
Exide Industries Limited (EIL) has invested Rs. 39.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), on rights basis. With this investment, the total investment made by the company in EESL stands to Rs. 1,820.01 crore. There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.
EESL was incorporated in March 2022 and will be engaged in the business of manufacturing and selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications.
EIL has made further investment by subscribing to equity shares offered by EESL on a rights basis to fund its green field project and meet various funding requirements.