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Exide Industries Ltd. Capital/Financing Update 2024
60960_rns_2024-07-16_0b0b0422-4cc2-46f5-aa19-07321530e424.pdf
Capital/Financing Update
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RefNo: EIL/SEC/2024-25/39
Date: 16th July 2024
| The Secretary | The Secretary |
|---|---|
| The Calcutta Stock Exchange Limited | BSE Limited |
| 7 Lyons Range | Phiroze Jeejeebhoy Towers, Dalal Street, |
| Kolkata -700 00 I | Mumbai -400 001 |
| CSE Scrip Code: 15060 &10015060 | BSE Scrip Code: 500086 |
| The Secretary | - |
| National Stock Exchange of India Limited | |
| Exchange Plaza, 5th Floor | |
| Plot no. C/1, G Block, | |
| Bandra-Kurla Complex, | |
| Bandra (E), Mumbai -400 051 | |
| NSE Symbol: EXIDEIND | |
Dear Sir/Madam,
Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations") - Further investment in Wholly Owned Subsidiary through Rights Issue
This is to inform you that on 16th July 2024, "Exide Industries Limited" ('Company/EIL') has invested Rs. 74,99,99,988/- (Rupees Seventy-four crores ninety-nine lakhs ninety-nine thousand nine hundred and eighty-eight only) by way of subscription in the equity share capital of its wholly owned subsidiary, "Exide Energy Solutions Limited" (hereinafter referred as 'EESL'), on rights basis. With this investment, the total investment made by the Company in EESL stands to Rs. 2577.24 crore. There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.
The detailed disclosure required under Regulation 30 read with para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations") and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023 is enclosed herewith.
You are requested to kindly take the above on record.
Thanking you.
For Exide Ind us tries Limited JITENDRA KUMAR MOHAN LAL Digitally signed by JITENDRA KUMAR MOHAN LAL Date: 2024.07.16 16:49:50 +05'30'
Jitendra Kumar Company Secretary & President (Legal & Corporate Affairs) ACS No.11159
Encl: as above
Exide Industries Limited, Exide House, 59E Chowringhee Road, Kolkata-700 020 Phone : (033) 2302-3400, 2283-2171, 2283-2118 e-mail : [email protected],www.exideindustries.com CIN: L31402WB1947PLC014919
Annexure-1
Detailed disclosures under para A of Part A of Schedule III required under Regulation 30 of LODR Regulations:
| a. | Name of the target entity details in brief sue] Exide Energy Solutions Limited (EESL), an existing | |
|---|---|---|
| size, turnover etc. | wholly owned subsidiary of Exide Industries Limited | |
| (EIL) was incorporated on 24th March 2022 and is engaged | ||
| in the business of manufacturing & selling lithium-ion | ||
| battery cells, modules and packs for India's electric | ||
| vehicle market and stationary applications. Some of the | ||
| relevant detai Is of EESL are given below: | ||
| Paid up equity share capital as on date: Rs. 919.49crore | ||
| Net worth as on 31.03.2024: Rs. 1,981.56 crore | ||
| Turnover as on 31.03.2024: Rs. 239.14 crore | ||
| Loss after Tax for the year ended 31.03.2024: Rs. | ||
| 149.45 crore | ||
| As on date, the total investment by Exide Industries | ||
| Limited in the equity share capital of £ESL including | ||
| share premium stands to Rs. 2577.24 crore including | ||
| investment made in erstwhile merged subsidiary Exide | ||
| Energy Private Limited ('EEPL'). | ||
| b. | Whether the acquisition would fall within | Yes, since EESL is a wholly owned subsidiary of EIL. |
| related party transaction(s) and whether the | £ESL has allotted 2,08,33,333 nos. equity shares of Rs. | |
| promotergroup/grouppromoter/ | 10/-each at a premium of Rs. 26/-per share aggregating | |
| companies have any interest in the entity | to Rs. 74,99,99,988/-(Rupees Seventy-four crores | |
| being acquired? | ninety-nine lakhs ninety-nine thousand nine hundred and | |
| eighty-eight only) on rights basis to EIL. | ||
| If yes, nature of interest and details thereof | ||
| and whether the same is done at "arm's | Save&exceptwhat1smentionedabove,the | |
| length" | Promoter/promotergroup/groupcompameshave no | |
| interest in the transaction. | ||
| The said transaction is at arm's length. | ||
| C. | Industry to which the entity being acquired | Manufacturing battery cells of advanced chemistry and |
| belongs | form factor, including but not limited to cylindrical, | |
| pouch, prismatic, (the "Battery Cells"), as well as | ||
| manufacturing, assembling, selling battery modules, | ||
| battery packs and other related activities thereto. | ||
| d. | Objects and effects of acquisition (includingbut not limited to, disclosure of reasons foracquisition of target entity, if its business isoutside the main line of business of theI isted entity) | EESL is in the process of setting up a green field plant atBengaluru for manufacturing & selling lithium-ion batterycells, modules and pack business. The equity investmentin EESL on a rights basis is to fund the above green fieldproject and meet its various funding requirements.With the current investment, EIL shareholding in EESLremains unchanged at 100% |
|---|---|---|
| e. | Brief details of any governmental orregulatory approvals required for theacquisition | None |
| f. | Indicative time period for completion of theacquisition | The equity shares against the current investment wereallotted on 16th July 2024 |
| g. | Natureof considerationwhethercashconsideration or share swap and details ofthe same | Cash |
| h. | Cost of acquisition or the price at which theshares are acquired | 2,08,33,333 nos. equity shares of Rs. I 0/-each at apremium of Rs. 26/-on rights basis to EIL |
| I. | IPercentageofshareholdingcontrolacquired and/ or number of shares acquired | With the current investment, EIL shareholding in EESLremains unchanged at 100% |
| J. | Briefbackgroundabouttheentityacquiredmbusiness acquired, date of incorporation,history of last 3 years turnover, country inwhich the acquired entity has presence andany other significant information (in brief) | EESL was incorporated on 24th March 2022 and theterms of products/line of business objects of it are explained in point no. c aboveTurnover for last 3 years are as underFY 2023-24 -Rs. 239.14 crore*FY 2022-23 -Rs. 112.05 crore*FY 2021-22-NIL*Subsequent to merger of EEPL with EESL |