Income Tax Rules 202613 min ago
M&M shares jump 5% to fresh high after British International Investment commits Rs 1925 cr for its new EV arm
Written By Ravi Kant Kumar
Published: | Updated:
Shares of Mahindra and Mahindra (M&M) jumped over five per cent after British International Investment (BII) and Mahindra & Mahindra (M&M) entered into an agreement to invest up to Rs. 1,925 crores each into a wholly owned electric vehicle subsidiary of M&M—EVCo.
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BII will invest up to Rs 1,925 crores in the form of compulsory convertible instruments at a valuation of up to Rs. 70,070 crores, resulting in 2.75% to 4.76% ownership for BII in the EV Co
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