Mahindra & Mahindra Expands Stake in Carnot Technologies to 80.72%
Mahindra & Mahindra acquires additional 28.03% stake in Carnot Technologies
Business Standard
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Mahindra & Mahindra has acquired an additional 28.03% stake in Carnot Technologies, raising its total ownership to 80.72% and voting rights to 89%. This move reflects the company's confidence in the growth potential of precision farming and telematics technology.
- 01Mahindra & Mahindra increased its stake in Carnot Technologies to 80.72%.
- 02The acquisition involved an additional 28.03% stake from Carnot's promoters.
- 03Post-transaction, Mahindra holds 89% of voting rights in Carnot.
- 04This acquisition aligns with Mahindra's focus on precision farming and telematics.
- 05Carnot Technologies will continue to operate as a subsidiary of Mahindra.
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Mahindra & Mahindra has successfully executed a share purchase agreement to acquire an additional 28.03% stake in Carnot Technologies, a move that increases its total holding to 80.72% of the paid-up equity share capital. Following this transaction, Mahindra's voting rights in Carnot will rise to 89%. This strategic acquisition underscores Mahindra's commitment to the long-term potential of precision farming and telematics technology, areas in which the company sees significant growth opportunities. Carnot Technologies will remain a subsidiary of Mahindra, continuing its operations under the larger corporate umbrella.
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