Exide Industries invests Rs 1499.90 million in lithium battery subsidiary EESL

Exide Industries Limited has invested Rs 1499.90 million in its subsidiary, Exide Energy Solutions Limited (EESL), through a rights-based equity subscription. 

This brings Exide’s total investment in EESL to Rs 33,022.3 million, including prior investments in the now-merged Exide Energy Private Limited.

EESL issued 41,663,892 equity shares with a face value of Rs 10 each, at a premium of Rs 26 per share, aggregating to Rs 1,499.90 million. Despite this investment, Exide’s shareholding percentage in EESL remains unchanged.

Founded in March 2022, EESL manufactures lithium-ion battery cells, modules, and packs for India’s electric vehicle and stationary storage markets. The recent investment will aid the development of EESL’s greenfield lithium battery manufacturing plant in Bengaluru and meet its funding requirements.