Exide Industries surges on subscribing stake in Ulric Renewables

Today, the scrip opened at Rs 179.05 and touched a high and low of Rs 185.75 and Rs 179.05 respectively.

On Tuesday, the shares of Exide Industries closed at Rs 185.05, up by 3.75 points or 2.07% from its previous closing of Rs 181.30 on the BSE.

Stake in Ulric Renewables 

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 39.08% of the 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. 

Stock price movement 

The scrip opened at Rs 179.05 and touched a high and low of Rs 185.75 and Rs 179.05 respectively.  The BSE group 'A' stock of face value of Rs 1 has touched a 52-week high and low of Rs 194.20 and Rs 130.30, respectively. 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 15,729.25 crore. 

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

Company Profile 

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. As of date, EIL has the largest storage-battery manufacturing capacity in India with geographically diversified manufacturing facilities.