M&M hikes stake in internet-connected devices player Carnot Technologies to 53%

Publicly-listed Mahindra & Mahindra Ltd is to acquire 7,423 equity shares from its existing shareholders and also subscribe to 1,613 Series C Compulsory Convertible Cumulative Participating Preference Shares (Series C CCCPS) of fellow Mumbai-based Carnot Technologies Pvt Ltd for INR 14 crore. Upon completion of these transactions the shareholding of M&M in Carnot will increase from 15.60% of the equity share capital (48.05% of the share capital on a fully-diluted basis) to approximately 52.69% of equity share capital (68.97% of the share capital on a fully-diluted basis). Carnot will become a subsidiary of M&M. Carnot provides products and services related to internet connected devices for monitoring performance of vehicles and equipment. It had a turnover of INR.6.5 crore for FY 2020-21.