Exide Industries moves up on inking pact to acquire 26% stake in Clean Max Arcadia
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Exide Industries is currently trading at Rs. 385.80, up by 2.00 points or 0.52% from its previous closing of Rs. 383.80 on the BSE.
The scrip opened at Rs. 384.40 and has touched a high and low of Rs. 387.65 and Rs. 378.20 respectively. So far 290222 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 398.05 on 09-Apr-2024 and a 52 week low of Rs. 179.05 on 11-Apr-2023.
Last one week high and low of the scrip stood at Rs. 398.05 and Rs. 315.75 respectively. The current market cap of the company is Rs. 32623.00 crore.
The promoters holding in the company stood at 45.99%, while Institutions and Non-Institutions held 32.17% and 21.83% respectively.
Exide Industries has entered into an agreement for acquiring 26% equity stake in Clean Max Arcadia, a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions for generation and supply of solar power. The objective of the investment in the SPV is to promote renewable energy on long term basis by qualifying as a captive consumer for solar capacity of 14.85 MWp for its factory situated in Bawal in the state of Haryana. The said acquisition is likely to be completed by April 30, 2024. The company has agreed to invest an amount Rs 5.34 crore in Clean Max Arcadia.
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.
