Exide Industries invests over Rs100 crore in advanced chemistry battery cells making subsidiary
Exide Industries Thursday said it has invested over ₹100 crore in its wholly-owned subsidiary Exide Energy Solutions, which is into manufacturing of advanced chemistry battery cells.
Exide Industries Ltd Thursday said it has invested over ₹100 crore in its wholly-owned subsidiary Exide Energy Solutions Ltd, which is into manufacturing of advanced chemistry battery cells.
In the regulatory filing, the Exide Industries said the company has made the investment by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL) on rights basis.
The Exide Industries said there is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.
The company further informed that EESL has paid up equity share capital of Rs.374.40 crore as on date with net worth of Rs. 655.20 crore on March 31, 2023. EESL has posted a net loss of Rs. 59.81 crore after tax for the year ended March 31, 2023.
The company in a separate regulatory filing said it has extended Corporate Guarantee in favour of 5 banks i.e. ICICI Bank, HDFC Bank, Axis Bank Limited, HSBC bank and Kotak Mahindra Bank against the respective credit facilities sanctioned by the banks totalling to the tune of Rs. 2000 crore to EESL.
The company is into manufacturing battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, prismatic battery cells as well as manufacturing, assembling, selling battery modules, battery packs and other related activities, the company said.
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Business NewsCompaniesNewsExide Industries invests over Rs100 crore in advanced chemistry battery cells making subsidiary
First Published:7 Sep 2023, 07:20 PM IST
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