New Delhi: Shares of Mahindra & Mahindra (M&M) climbed over 5 per cent in morning trade on Friday after the company and British International Investment (BII) entered into an agreement to invest Rs 1,925 crore in a wholly owned subsidiary of the domestic did. Auto Chief. The stock jumped 5.16 per cent to hit a 52-week high of Rs 1,191.90 on the BSE.
On the NSE, it rose 5.43 per cent to Rs 1,194.90, its 52-week high.
The Mumbai-based automaker and BII have entered into a binding agreement to invest in the new entity – “EV Company”.
As per the agreement, BII will invest up to Rs 1,925 crore in the form of compulsory convertible equipment at a valuation of Rs 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership in the EV company, M&M said in a regulatory filing on Thursday.
EV Co will focus on four wheeler (4W) passenger electric vehicles, it added.
Anish Shah, MD & CEO, M&M said, “We are extremely pleased to have BII as a partner in our SUV electric journey. At BII, we have found a like-minded long-term partner who is committed to tackling the climate emergency. ”
He said the Mahindra Group aims to be “planet positive” by 2040.
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