Temasek to invest Rs 1,200 crore in Mahindra Electric via preference shares
Mahindra Electric Automobile Ltd (MEAL), Mahindra & Mahindra’s electric vehicle arm, on Thursday, announced that investment firm Temasek would invest Rs 1,200 crore in the company in compulsorily convertible preference shares.
With this, the company’s valuation will rise 15 per cent from Rs 70,070 crore to Rs 80,580 crore.
“The securities subscription agreement and shareholders’ agreement inter alia provide for investment by Temasek of Rs 1,200 crore in compulsorily convertible preference shares of MEAL, in one or more tranches, in accordance with the terms and conditions as stipulated in the aforesaid agreement, valuing MEAL upto Rs 80,580 crores.
