Exide Industries has invested ₹200 crore in its wholly owned subsidiary, Exide Energy Solutions Ltd (EESL), to support the development of its greenfield multi-gigawatt lithium-ion cell manufacturing facility in India.
The investment was made on August 18 through the subscription of 5.71 crore equity shares of EESL on a rights basis. The shares were issued at a face value of ₹10 each, along with a premium of ₹25 per share.
Following the latest investment, Exide Industries’ total investment in EESL has increased to ₹5,102.23 crore. The company continues to hold a 100% stake in the subsidiary.
Earlier, Exide Industries’ board had approved an additional fund infusion of up to ₹1,400 crore into EESL, which may be deployed in one or more tranches. The proposed funding is aimed at supporting the establishment of the greenfield multi-gigawatt lithium-ion cell manufacturing facility.
The latest funds will be utilised to finance the greenfield project and address its various funding requirements.
