Exide Industries shares move up on investing Rs 100 cr in Exide Energy Solutions

Exide Industries has invested Rs 100 crore by way of subscription in the equity share capital of its wholly owned subsidiary, ‘Exide Energy Solutions’ (EESL), on a rights basis. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition. The company has made further investments by subscribing to equity shares offered by EESL on a rights basis to meet various funding requirements of EESL. With the current investment, the company’s shareholding in EESL remains unchanged at 100%.

The company further informed that EESL has paid up equity share capital of Rs 374.40 crore as of date with a 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 the tune of Rs 2000 crore to EESL.

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.

Exide Industries is currently trading at Rs 274.75, up by 0.70 points or 0.26% from its previous closing of Rs 274.05 on the BSE. The scrip opened at Rs 276.60 and touched a high and low of Rs 277 and Rs 272.40 respectively. So far 86606 shares have been traded on the counter.

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 277 and a 52-week low of Rs 152.75. Last one week high and low of the scrip stood at Rs 276.80 and Rs 265.60, respectively. The current market cap of the company is Rs 23,324 crore. The promoters holding in the company stood at 45.99%, while Institutions and Non-Institutions held 32.64% and 21.37%, respectively.

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