The investment was made on August 18, through subscription to 5.71 crore equity shares of EESL on a rights basis, at a face value of ₹10 per share and a premium of ₹25 per share. The transaction takes Exide Industries’ total investment in EESL to ₹5,102.23 crore.
The company’s board had earlier approved an additional fund infusion of up to ₹1,400 crore into EESL, in one or more tranches, towards setting up the greenfield multi-gigawatt lithium-ion cell manufacturing facility in India.
Exide said its shareholding in EESL remains unchanged at 100% following the latest investment. The funds will be used to finance the greenfield project and meet its various funding requirements.
EESL, incorporated in March 2022, is engaged in manufacturing and selling lithium-ion battery cells, modules and packs for India’s electric vehicle market and stationary applications. As of 31 March 2026, it had a net worth of ₹3,991.06 crore and turnover of ₹157.56 crore, while reporting a loss after tax of ₹248.16 crore for FY26.
Earlier this month, Exide Industries’ management said its EBITDA margin improved to 12.4% in Q1 FY27, expanding 20 basis points year-on-year and 70 basis points sequentially, helped by higher revenue, cost controls and supply-chain efficiencies despite elevated input costs and adverse currency movements.
On the lithium-ion business, the CFO said it was too early to comment on margins as the lithium pack business remained unprofitable because of low value addition from imported cells. Management also expects pricing conditions for lithium-ion cells to be affected after China’s export VAT rebate is fully removed from 1 January 2027.In July, Exide Industries had invested ₹99.99 crore in EESL through a rights issue to support the Bengaluru lithium-ion cell manufacturing project.
Ahead of Tuesday’s announcement, Exide Industries shares closed at ₹465.15 on the NSE, down ₹10.55 or 2.22%.
