Exide Industries Limited has invested Rs 1499.90 million in its lithium battery subsidiary, Exide Energy Solutions Limited (EESL), through a rights-based equity subscription. This brings Exide’s total investment in EESL to Rs 33,022.3 million, inclusive of prior investments made in the now-merged Exide Energy Private Limited.
As part of this transaction, EESL has issued 41,663,892 equity shares with a face value of Rs 10 each, at a premium of Rs 26 per share, aggregating to Rs 1,499.90 million. Despite the new equity acquisition, Exide Industries’ shareholding percentage in EESL remains unchanged.
EESL, established in March 2022, focuses on manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle and stationary storage markets. The recent investment will support the development of EESL’s greenfield lithium battery manufacturing plant in Bengaluru and address its various funding needs.
