PE Fund Investments
M&M's EV venture to raise Rs.1,200-Cr from Temasek
Singapore-headquartered global investment firm Temasek (via its unit, Jongsong Investments Pte Ltd) is to invest INR 1,200 crore in MEAL (Mahindra Electric Automobile Ltd), a four-wheeler (4W) passenger electric vehicles company, in the form of Compulsorily Convertible Preference Shares (CCPS) at an enterprise valuation of up to INR. 80,580 crore. The investment, predominantly structured via CCPS (apart from a nominal 100 equity shares) will see Temasek owning 1.49% to 2.97% in MEAL on a fully diluted basis. MEAL has a Capital Investment Program of INR 10,000 crore by FY27.
From the Venture Intelligence PE-VC Deal Database: In July 22, MEAL had attracted INR 1,925 crore (USD 250 million) at a valuation of INR 70,070 crore (USD 9.1 Billion) from British International Investment (BII).
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