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Stock Report
Mahindra and Mahindra Ltd to increase stake in Swaraj Engines Ltd
Posted On : 2022-09-20 21:45:23( TIMEZONE : IST )
Mahindra and Mahindra Ltd proposes to acquire 21,14,349 Equity shares constituting 17.41% of the paid up equity share capital of Swaraj Engines Limited ("SEL") from Kirloskar Industries Limited ("KIL").
Upon the said acquisition, the Shareholding and consequent voting rights of the Company in SEL would increase from 34.72% to 52.13% of the Equity Share Capital of SEL. Consequently, SEL which is currently an Associate of the Company would become a subsidiary of the Company.
The Company proposes to acquire 21,14,349 Equity shares constituting 17.41% of the paid up equity share capital of SEL from KIL at a price of Rs.1,400 per share aggregating to an approximate amount of Rs.296 crores.
SEL is into manufacturing and supplying of diesel Engines in the range of 22 HP to above 65 HP for fitment in tractors to Farm Equipment Sector of Mahindra & Mahindra Limited. SEL had a total revenue from operations of Rs.1,138.15 crores for the year ended 31st March, 2022.
