Tuesday, December 5, 2023
-Advertisement-
2023 Data Protection Report
2023 Data Protection Report
2023 Data Protection Report
2023 Data Protection Report
-Advertisement-
2023 Data Protection Report
2023 Data Protection Report
2023 Data Protection Report
2023 Data Protection Report
HomeNewsEnterprise ITEyeing expansion, Mahindra & Mahindra to pick majority stake in Carnot Tech

Eyeing expansion, Mahindra & Mahindra to pick majority stake in Carnot Tech

Mahindra & Mahindra has announced to increase its stake in Carnot Technologies to 52.69% with an investment of around Rs 14 crore

Follow Tech Observer on Google News

Mahindra & Mahindra has announced to increase its stake in Carnot Technologies to 52.69% with an investment of around Rs 14 crore

Google News

Eyeing tech sector expansion, has announced to increase its stake in Pvt Ltd to 52.69% with an investment of around Rs 14 crore.

M&M currently holds 15.60% of the equity share capital of Carnot Technologies, which provides products and services related to internet-connected devices for monitoring the 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 the 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.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!
- Advertisement -2023 Data Protection Report
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

Navy Day: Indian Navy leads in maritime capacity building, says Vice Admiral Hampiholi

Vice Admiral MA Hampiholi, Chief of the Southern Naval Command has said that Indian Navy has emerged as the "preferred security partner" in enhancing the capacities of allied maritime nations.

RELATED ARTICLES

- Advertisement -