Mahindra and Mahindra To Expand Stake In Swaraj Engines Ltd
- Mahindra to increase stake in Swaraj Engines to over 50%
- Plans to acquire shares worth about Rs 296 crore
- Swaraj Engines to become a Mahindra subsidiary post acquisition of new stake
Mahindra and Mahindra is set to acquire a greater stake in Swaraj Engines Ltd (SEL) the company said in a regulatory filing. The company said it would acquire an additional 17.42% stake in the company worth about Rs 296 crore from Kirloskar Industries Limited.
The newly acquired equity shares will see Mahindra’s stake in SEL rise from the existing 34.72% up to 52.13%. Post the acquisition SEL will become as a subsidiary of Mahindra and Mahindra from its current status as an Associate of the Company.
In all Mahindra is set to acquire 21,14,349 equity shares from Kirloskar Industries Limited.
SEL is in the business of manufacturing diesel engines and components for use in tractors. The company has been supplying units to Mahindra and Mahindra’s farm equipment sector among others. The company had reported a total revenue of Rs 1,138.15 crore in the previous financial year.
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