Exide Industries jumps on subscribing stake in Ulric Renewables

Exide Industries is currently trading at Rs. 184.95, up by 3.65 points or 2.01% from its previous closing of Rs. 181.30 on the BSE.

The scrip opened at Rs. 179.05 and has touched a high and low of Rs. 185.75 and Rs. 179.05 respectively. So far 70535 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 194.20 on 09-Dec-2022 and a 52 week low of Rs. 130.30 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 185.75 and Rs. 178.50 respectively. The current market cap of the company is Rs. 15725.00 crore.

The promoters holding in the company stood at 45.99%, while Institutions and Non-Institutions held 30.52% and 23.48% respectively.

Exide Industries has subscribed 24,80,625 equity shares of Rs 80 each aggregating to Rs 19.84 crore in Ulric Renewables on April 10, 2023. With this investment, the aggregate shareholding of the Company constitutes to 39.08% of issued and paid-up capital of Ulric Renewables.

Earlier, the company had entered into 'Share Subscription and Shareholders' Agreement' and 'Power Purchase Agreements' on February 28, 2023 with Ulric Renewables, a Special Purpose Vehicle promoted and incorporated by Cleantech Solar India OA 2 (CLEANTECII) for setting up captive wind power project aggregating to 18.9 MW for various manufacturing facilities of the Company.

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.