Kirloskar Industries Will Sell Its 17.41 Percent Stake In Swaraj Engines To Mahindra & Mahindra
M&M Ltd Announced That It Will Acquire An Additional 17.41% Stake in Swaraj Engines
According to a regulatory filing, the acquisition will increase the company's stake in Swaraj Engines (SEL) to 52.13 percent from 34.72 percent.
The company plans to buy 21, 14,349 equity shares from KIL for Rs 1,400 per share, representing 17.41 percent of SEL's paid-up equity share capital.
As a result, SEL, which is currently an associate of the company, would become a subsidiary of M&M, according to the filing.
SEL is a manufacturer of diesel engines and their components based in Mohali, Punjab. It was launched in 1985 by the then-Punjab Tractors, which later merged with M & M and the then-Kirloskar Oil Engines (now KIL).
The company reported total revenue from operations of Rs.1, 138.15 crores for the fiscal year ended March 31, 2022.
The company recently announced that it has open bookings for more than 240,000 units of five SUV models, including more than 100,000 units of the new Scorpio. It claims to be the market leader in the SUV revenue segment, with a 17% share in Q1FY23.
On the electric vehicle front, the company hopes to reclaim the lead, aided by the recently unveiled InGlo platform, which will deliver five new electric SUVs under the 'Mahindra Born electric vision,' with critical components supplied by Volkswagen.
Swaraj Engines and Kirloskar Industries Shares have set new 52-week highs, while M&M is up nearly 5% intraday
Swaraj Engines and Kirloskar Industries shares hit new 52-week highs of Rs 1,960 and Rs 1,810 per share on the BSE intraday on Wednesday, surging around 16 and 11%, respectively. During Wednesday's session, the share price of Mahindra & Mahindra (M&M) rose nearly 5% to Rs 1365.9 per share.
The rise in all three stocks could be attributed to M&M acquiring an additional 17.41% stake in Swaraj Engines from Kirloskar Industries for Rs 296 crore. Swaraj's stock has surpassed its previous high of Rs 1,800, set on October 19, 2021.
Escorts Kubota Tractor Sales Report September 2022 - Domestic Sales Up 42.7%
VST Tractor Sales Report for September 2022: 2070 Power Tillers and 586 Tractors Sold
The New GUSS Herbicide Sprayer Will Be Available At Selected John Deere Dealer Locations
Case IH Releases Upgraded Hay Balers In Response To Farmer Requests