Exide Industries rises on strategic investment in subsidiary Exide Energy Solutions

Shares of Exide Industries rose nearly 1 percent in early trade on December 28 post investing Rs 40 crores in equity shares of wholly owned subsidiary Exide Energy solutions. At 9:15 am the Exide Industries stock was trading at Rs 302.34 on NSE.

Exide Industries, the company has invested Rs 40 crore in the equity shares of the wholly owned subsidiary Exide Energy Solutions Limited (EESL). With this investment, the total investment made by the company in Exide Energy Solutions stands to Rs 1,820.01 crore.

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Exide Energy Solutions Limited (EESL), an existing wholly owned subsidiary of Exide Industries Limited (EIL) was incorporated on 24th March 2022 and will be engaged in the business of manufacturing & selling lithium-ion battery cells, modules and packs for India’s electric vehicle market and stationary applications.

Further, there is no change in the shareholding percentage of the company in Exide Energy Solutions post-acquisition of shares as detailed in a filing with BSE on December 27.

Exide Industries Stock Performance

Exide Industries stock has given a return of 29.32 percent over the last six months. The benchmark Nifty50 index has given a return of 12.85 percent over the same duration.

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