Mahindra & Mahindra hikes stake in Carnot Technologies

Mahindra & Mahindra on 03 September 2020 has signed (i) a Share Purchase Agreement for purchase of additional 1,825 Equity Shares, 4,480 Seed Compulsory Convertible Cumulative Participating Preference Shares (Seed CCCPS) and 589 Series A Compulsory Convertible Cumulative Participating Preference Shares (Series A CCCPS) of Carnot Technologies (Carnot), an Associate of the Company, from its existing Shareholders (Secondary Purchase) and (ii) a Share Subscription and Shareholders Agreement for subscription of 2,298 Series B Compulsory Convertible Cumulative Participating Preference Shares (Series B CCCPS) of Carnot (Primary Infusion).

The Company holds approximately 6.48% of the equity share capital (22.91% of the share capital on a fully diluted basis) of Carnot and post completion of the above transaction, the Company will hold approximately 15.60% of the equity share capital (48.05% of the share capital on a fully diluted basis) of Carnot.

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