Mahindra and Mahindra to increase stake in Carnot Technologies

New Delhi, March 16

Mahindra & Mahindra Ltd on Wednesday said it will increase its stake in Carnot Technologies Pvt Ltd to 52.69 per cent with an investment of around Rs 14 crore.

M&M currently holds 15.60 per cent of the equity share capital of Carnot Technologies, which provides products and services related to internet connected devices for monitoring performance of vehicles and equipment, the company said in a regulatory filing.

The company will make a primary infusion of approximately Rs 2.5 crore for subscription of 1,613 Series C CCCPS (cumulative compulsorily convertible preference shares) of Carnot of Rs 100 each at a premium of Rs 15,391.65 per CCCPS.

Further, it will have a secondary purchase for approximately Rs 11.5 crore of 7,423 equity shares of Rs 10 each at a premium of Rs 15,481.65 per equity share, the filing added.

On the reasons for the acquisition, M&M said, “Carnot is expected to support the company’s strategy by developing information technology solutions for its products, customers and businesses.” The transaction is expected to be completed by around March 31, 2022 and Carnot will become a subsidiary of M&M, the filing said.