M&M to acquire Swaraj Engines' 17.41% stake from Kirloskar for Rs.296-Cr

Publicly listed Mahindra & Mahindra is to acquire 21,14,349 equity shares constituting 17.41% of the paid up equity share capital of Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) at INR 1,400 per share aggregating to about INR 296 crore. Post-deal, the voting rights of M&M in SEL would increase from 34.72% to 52.13%. Based in Mohali, Punjab, SEL manufactures diesel engines and components. It was promoted in 1985 by erstwhile Punjab Tractors Ltd. It had reported revenue from operations of INR 1,138.15 crore for FY22.