Latest News | M&M Shares Climb over 5 Pc; Hit 52-week High

New Delhi, Jul 8 (PTI) Shares of Mahindra & Mahindra (M&M) climbed over 5 per cent in morning trade on Friday after the company and the British International Investment (BII) inked a pact to invest Rs 1,925 crore each in a wholly-owned subsidiary of the homegrown auto major.

The stock jumped 5.16 per cent to its 52-week high of Rs 1,191.90 on the BSE.

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At the NSE, it climbed 5.43 per cent to Rs 1,194.90 -- its 52-week high.

The Mumbai-based automaker and BII have executed a binding agreement to invest in the new entity -- "EV Co".

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According to the pact, BII will invest up to Rs 1,925 crore in the form of compulsory convertible instruments at a valuation of up to Rs 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership in the EV Co, M&M said in a regulatory filing on Thursday.

EV Co will focus on four-wheel (4W) passenger electric vehicles, it added.

"We are extremely delighted to have BII as a partner in our SUV electric journey. In BII, we have found a like-minded long-term partner who is committed to combating the climate emergency," M&M MD & CEO Anish Shah said.

The Mahindra Group aims to be "Planet Positive" by 2040, he noted.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)