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Mahindra & Mahindra to buy 17.41 percent stake in Swaraj Engines from Kirloskar Industries

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Mahindra & Mahindra to buy 17.41 percent stake in Swaraj Engines from Kirloskar Industries

New Delhi, Sep 20 (PTI) Mahindra & Mahindra Ltd. has said that it is engaged in Kirloskar Industries Ltd. From Swaraj Engines Ltd. Will buy an additional 17.41 percent stake in the company for Rs 296 crore.

Mahindra & Mahindra said in a stock exchange information that with this acquisition, the company’s stake in Swaraj Engines will increase to 52.13 percent from the current 34.72 percent.

The company has proposed to take 21,14,349 equity shares at Rs 1,400 per share. This accounts for 17.41 per cent of the paid-up share capital.

As per the information, with this SEL will become a subsidiary of Mahindra & Mahindra.

SEL, a company based in Mohali, Punjab, manufactures diesel engines and its components.

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