Sansera Engineering has entered into a definitive agreement for a strategic investment in MMRFIC Technology (MMRFIC). MMRFIC is a Research, Design and Manufacturing entity, building sub-systems for next generation Radars by leveraging machine learming with artificial intelligence and, mm-Wave Sensors with hybrid beam forming capabilities.
As per the terms of the agreement, Sansera would make an investment Rs 200 million in MMRFIC via 1,49,250 CCPS of Rs 100 each with a premium of Rs 1240 per CCPS; and 17 Equity Shares of Re 1 each with a premium of Rs 599 per share. The equity percentage will be determined on conversion of CCPS based on FY24 EBITDA. Based on projected FY24 EBITDA this investment would result in a approximately 21% stake in MMRFIC. Sansera has a right to invest further and increase its stake up to 51% at a predefined valuation formula.
Sansera Engineering is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors.
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