Stored battery maker Exide Industries Ltd has consolidated its holding in Bangalore-based Leadage Alloys India Ltd by acquiring the remaining 49% stake. Leadage, which will now become Exide’s wholly-owned subsidiary, is a manufacturer and supplier of lead and its various alloys.
Exide, majority owned by Rajan Raheja Group, acquired a 51% stake in the firm in 2008 for Rs 35 crore. Besides Exide, Leadage supplies to players Amara Raja Batteries and Kirloskar Batteries.
Exide had raised $120 million or Rs 540 crore through a qualified institutional placement earlier this year. The company reported a 12% rise in turnover to Rs 3,794 crore for FY10 with net profit during the same period jumping 89% to Rs 537 crore.
Shares of Exide jumped by 2.2% reaching Rs 145 today before tempering down to Rs 143 levels.