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M&M to acquire Swaraj Engines' 17.41% stake from Kirloskar Industries

The acquisition will result in increasing the company's stake in Swaraj Engines Ltd (SEL) to 52.13 per cent from 34.72 per cent, M&M said in a regulatory filing.

Mahindra & Mahindra | Swaraj Engines  | acquisition

Press Trust of India  |  New Delhi 

(Photo: Reuters)

Mahindra & Mahindra(M&M) Ltd on Tuesday said it will acquire an additional 17.41 per cent stake in Ltd from Kirloskar Industries Ltd (KIL) for Rs 296 crore.

The will result in increasing the company's stake in Ltd (SEL) to 52.13 per cent from 34.72 per cent, M&M said in a regulatory filing.

The company proposes to acquire 21,14,349 equity shares constituting 17.41 per cent of the paid up equity share capital of SEL from KIL at a price of Rs 1,400 per share, it said.

Consequently, SEL, which is currently an associate of the company, would become a subsidiary of M&M, the filing said.

Based in Mohali, Punjab, SEL is in the business of manufacturing of diesel engines and its components. It was promoted in 1985 by erstwhile Punjab Tractors Ltd, which has since merged with M&M, and the then Ltd (now KIL).

It had a total revenue from operations of Rs 1,138.15 crore for the year ended March 31, 2022, it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, September 20 2022. 21:56 IST