M&M to acquire Swaraj Engines’ 17.41% stake from Kirloskar Industries – Mahindra & Mahindra(M&M) Ltd will acquire an additional 17.41% stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for Rs 296 crore. As a result, the company will have now 52.13 per cent from 34.72 per cent in Swaraj Engines Ltd (SEL).
- The company will buy 21,14,349 equity shares constituting 17.41% of the paid-up equity share capital of SEL from KIL at a price of Rs 1,400 per share.
- SEL will be a subsidiary of M&M and at present, SEL is an associate of the company.
- SEL is based in Mohali, Punjab and is in the business of manufacturing diesel engines and their components.
- In 1985, Punjab Tractors Ltd promoted SEL.
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