Shares of Exide Industries were trading marginally up on 18 October after the company announced that it had invested Rs 100 crore in a wholly-owned subsidiary. This is the second such investment made by the company.

The company has invested Rs 100 crore by way of subscription in the equity share capital of Exide Energy Solutions Ltd on a rights basis. Exide Energy Solutions has allotted 3.22 crore shares of Rs 10 each at a premium of Rs 21 per share, which sums up to a total of Rs 100 crore.

Exide Energy Solutions was incorporated on 24 March 2022 and is engaged in the business of manufacturing and selling lithium-ion battery cells, packs, and modules for India’s electric vehicles and stationary applications.

The company had made an investment of Rs 100 crore in September by way of subscription in the equity share capital of Exide Energy Solutions on a rights basis.

At 1:25 pm, Exide Industries shares have shredded all their earlier gains and are trading in the negative at Rs 264.70 or 1.53% below its previous close on NSE.