Exide Industries Limited (EIL) has made an investment of Rs 4.5 billion by way of subscription in the equity share capital of its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL). The company has allotted 112,500,000 equity shares of Rs 10 each at a premium of Rs 30 per share to EIL.
EESL is setting up a greenfield plant at Bengaluru for manufacturing and selling lithium-ion battery cells, modules, and packs. The investment in EESL will be used to fund this greenfield facility.
EIL is a Kolkata-based company that designs, manufactures, markets, and sells a range of lead acid storage batteries from 2.5Ah to 20,600Ah capacity. The company manufactures batteries for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining, and defence sectors.
