MM Forgings to invest in Abhinava Rizel Pvt Ltd

MM Forgings Limited has agreed to make a strategic investment in Abhinava Rizel Private Limited by subscribing to equity shares equivalent to 88% (Eighty Eight percent) of the issued and paid-up share capital of the Investee Company.

Towards this end, the Company at its meeting held today, i.e., 1st September, 2022 entered into a share subscription and shareholders' agreement ("SSHA") executed by MMF with the Investee Company, the Promoters and Existing Shareholders, to subscribe to the shares of Investee Company aggregating to 88% (Eighty Eight percent) of the issued and paid up share capital of the Investee Company.

Abhinava Rizel Private Limited is a start - up company, engaged in the business of Research & Development and manufacturing of parts/components or systems including but not limited to electric power train/drivetrain systems, electric motors, motor controllers/drives, gearboxes and ADAS systems for various industries.

M M Forgings Ltd is a publicly-traded global player in forgings, is investing in start-up to produce EV powertrain components.

Source : Equity Bulls

Keywords

MMForgings StrategicInvestment AbhinavaRizel StartUp