Business Update26 Jun 2024, 10:36 pm
Exide Industries Invests INR 49.99 Cr in Wholly Owned Subsidiary Exide Energy Solutions
AI Summary
Exide Industries Limited (EIL) has invested INR 49,99,99,968 in Exide Energy Solutions Limited (EESL), its wholly owned subsidiary, through a rights issue. This investment brings EIL's total investment in EESL to INR 2,502.24 crore. EESL is engaged in the business of manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications. The company's paid-up equity share capital is Rs. 898.66 crore, with a net worth of Rs. 1,981.56 crore and a turnover of Rs. 239.14 crore as of March 31, 2024. The loss after tax for the year ended March 31, 2024, was Rs. 149.45 crore.
Key Highlights
- Exide Industries invested INR 49.99 crore in its wholly owned subsidiary Exide Energy Solutions Limited.
- This investment brings EIL's total investment in EESL to INR 2,502.24 crore.
- EESL is engaged in the business of manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications.
- EESL's paid-up equity share capital is Rs. 898.66 crore, with a net worth of Rs. 1,981.56 crore and a turnover of Rs. 239.14 crore as of March 31, 2024.
- The transaction is at arm’s length as EESL is a wholly owned subsidiary of EIL.