Exide Industries jumps on investing Rs 100 crore in Exide Energy Solutions
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Exide Industries is currently trading at Rs. 435.40, up by 9.65 points or 2.27% from its previous closing of Rs. 425.75 on the BSE.
The scrip opened at Rs. 426.55 and has touched a high and low of Rs. 440.65 and Rs. 426.00 respectively. So far 107474 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 620.00 on 25-Jun-2024 and a 52 week low of Rs. 278.40 on 20-Dec-2023.
Last one week high and low of the scrip stood at Rs. 440.65 and Rs. 411.10 respectively. The current market cap of the company is Rs. 37234.25 crore.
The promoters holding in the company stood at 45.99%, while Institutions and Non-Institutions held 30.27% and 23.73% respectively.
Exide Industries (EIL) has invested Rs 100 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions (EESL), on rights basis. With this investment, the total investment made by the company in EESL stands to Rs 3,052.24 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.
EESL is in the process of setting up a green field plant at 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 above green field project and meet its various funding requirements.
Exide Industries was incorporated in January 1947 as Associated Battery Makers to purchase all or any of the assets of the business of manufacturers, buyers and sellers of and dealers in and repairers of electrical and chemical appliances and goods carried on by the Chloride Electric Storage Company.
