Private Equity

PE Fund Investments

BII to invest Rs.1,925-Cr in M&M's EV spinout

BSE Announcement  

Publicly listed Mahindra & Mahindra Ltd (M&M) is to raise INR 1,925 crore (USD 250 million) at a valuation of INR 70,070 crore (USD 9.1 Billion) from British International Investment (BII) in its 4-wheel passenger electric vehicle focused spinout. BII, which will invest through Compulsorily Convertible Preference Shares (CCPS), will have a 2.75% to 4.76% ownership in the EV SUVs focused venture, on a fully diluted basis. The first round of BII's capital investment (INR 1,200 crore) will be completed by June 2023 and the balance, post completion of certain milestones, in FY24. Khaitan & Co. are the legal advisors to M&M for the transaction. Cyril Amarchand Mangaldas and Cleary Gottlieb are legal advisors to BII.