Exide Industries has further invested an amount aggregating to Rs 39.99 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy.
With the above investment, the equity shareholding of EIL in JVC stands increased from 80.15% to 82.71 % of the total paid-up share capital.
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Exide invests ₹40 crore in Exide Leclanche Energy
April 13, 2021
To pick-up a over 2.5 per cent stake in its joint venture company
Automotive battery-maker Exide Industries has invested ₹40 crore to pick-up an over 2.5 per cent stake in its joint venture company, Exide Leclanche Energy Pvt Ltd. The investment was made to meet “various funding requirements” of the subsidiary.
Exide Leclanche is involved in the manufacture, assembly, trade, sale and distribution of lithium ion batteries, module making and associated systems. Post the investment, Exide’s stake in its lithium-ion JVC will increase to 82.71 per cent.
The company said it invested an amount aggregating to ₹39,99,99,999 by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy Private Limited adding that 1,90,47,619 equity shares of ₹10 each were acquired at a premium of ₹11 each.
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NEW DELHI: Nifty had a gap-up opening on Thursday and traded higher, but failed to sustain the gains and closed almost near its opening level. The headline index formed an indecisive Doji candle on the daily chart.
Manish Hathiramani, technical analyst at Deen Dayal Investments said, If the Nifty50 is able to get past the 14,950 level on a closing basis, then it could move higher to 15,300-15,400.
“Metal stocks led the sectorial rally on a strong outlook supported by rising steel prices and production. The Q4 earnings season has started and the market is expected to have a stock-centric rally in the coming days, said Vinod Nair, Head of Research at Geojit Financial Services.
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NEW DELHI: Rate sensitive stocks in sectors such as auto, realty and banks were trading higher as the six-member monetary policy committee (MPC) of the Reserve Bank of India, headed by Governor Shaktikanta Das, on Wednesday maintained status quo on the policy rates.
The decision comes in the backdrop of a second wave of COVID-19 infections that has raised concerns over economic recovery.
Economists had expected the MPC to stand pat on policy rate as well as on growth projections for this financial year. The rate-setting panel also decided to stick with its “accommodative” monetary policy stance for “as long as necessary”.
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