Swaraj Engines surges 15% as M&M plans to buy additional 17.41% stake

With this, M&M's stake in SEL would increase from 34.72 per cent to 52.13 per cent

Shares of Swaraj Engines (SEL) hits a fresh 52-week high of Rs 1,945 on the BSE, surging 15 per cent in Wednesday's intra-day trade, after Mahindra & Mahindra (M&M) proposed to buy additional 17.41 per cent stake in the diesel engines' company for Rs 296 crore. The stock surpassed its previous high of Rs 1,800, which it had touched on October 19, 2021.

"The company proposes to acquire 2.11 million equity shares, constituting 17.41 per cent of the paid up equity share capital, of SEL from Kirloskar Industries (KIL)," M&M said in an exchange filing. M&M proposed to buy shares of