Mahindra & Mahindra Ltd. will invest up to Rs 630 crore in its subsidiary, Mahindra Electric Automobile Ltd.
The company's board approved investment in Mahindra Electric by way of subscription to rights issue of equity shares of its unit of Rs 10 each, at a premium of Rs 4.5 apiece, the company said in its exchange filing.
The proceeds will be utilised by Mahindra Electric to meet its fund requirement for business operations, it said.
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Mahindra Electric was incorporated on Oct. 25, 2022 and has a net worth of Rs 1,468.9 crore, as of March 31, 2023.
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The acquisition will be undertaken via a cash consideration by Jan. 19, 2024, it said on Thursday.
Mahindra and Mahindra currently holds 99.99% of the paid-up equity share capital of Mahindra Electric Automobile.
Mahindra Electric is engaged in the business of designing, developing, manufacturing, fabricating, assembling, etc., of four-wheel passenger electric vehicles.
Shares of Mahindra and Mahindra closed 0.09% lower at Rs 1,629.8 apiece, as compared with a 0.09% rise in the benchmark BSE Sensex.
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