Kinetic Engineering (KEL) has sold its entire equity stake in Mahindra Two Wheelers (MTWL), a part of the $16.7 billion Mahindra & Mahindra (M&M), to Samena Capital, a private equity investment group focused on Asia and the Middle East.
KEL will receive a consideration of approximately Rs 182.10 crore and after certain committed payments including NCD repayments, cost of financing etc; the net proceeds would amount to approximately Rs 109.80 crore, which KEL will use for its business operations.
Kinetic Group had originally acquired the stake in November 2008, when its group company, Kinetic Motor Company (KMCL), sold its two wheeler business assets to MTWL, for cash as well as a 20% equity stake. Subsequently, KMCL was merged with Kinetic Engineering (KEL) in 2012 as a result the stake had been transferred to the latter.
Company Name | CMP |
---|---|
Maruti Suzuki | 12669.35 |
Mahindra & Mahindra | 2082.90 |
Mercury Metals | 83.66 |
Hindustan Motors | 23.65 |
Suzuki (India) | |
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