Exide Industries inks JV with Swiss-based company

Exide Industries inks JV with Swiss-based Exide Industries gained over 1.5 per cent in early morning trade on Thursday after the company announced entering in to a joint venture (JV) agreement with a Switzerland-based company.

Exide Industries has signed a JV agreement with Leclanche S.A., which is incorporated under the laws of Switzerland. Leclanche will be granting licence of its latest and most efficient technology for manufacturing of lithium batteries, module making and associated systems to joint venture company.

Exide will make an initial capital contribution of Rs. 3,74,950 while Leclanche will make an initial capital contribution of Rs. 1,25,050 at a subscription price of Rs. 10 per share amounting to about 74.99 per cent and 25.01 per cent, respectively, of the total paid up capital of JV.

At 11:30 hours, Exide Industries was trading at Rs. 247.10 per share, down Rs. 0.85 or 0.34 per cent on NSE. The scrip opened at Rs. 247.95 and touched an intraday high of Rs. 252.25 per share on NSE. The scrip has a 52-week high of Rs. 270.5 and a 52-week low of Rs. 192.40 per share on NSE. The stock attracted a trading volume of 9,53,878 shares on NSE.