Mahindra to acquire 17.41% stake in Swaraj Engines from Kirloskar Industries for 296 crore, total shareholding to increase to 52%
Biznextindia : Mahindra and Mahindra (M&M) on Tuesday said that it has proposed 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) at a price of Rs.1,400 per share aggregating to an approximate amount of Rs.296 crore.
Following this acquisition, the Shareholding and consequent voting rights of M&M in SEL would increase from 34.72% to 52.13% of the Equity Share Capital of SEL, which would make SEL a subsidiary of M&M.
Incorporated in 24th September, 1985, 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.