AgenciesShares of Mahindra & Mahindra (M&M) rallied up to 3 per cent to hit the day's high at Rs 1,289.45 in Monday's trade after the company's renewable energy platform Mahindra Susten formed a strategic partnership with Ontario Teachers' Pension Plan Board.
The two parties have signed binding agreements pursuant to which Ontario Teachers will acquire a 30 per cent equity stake in Mahindra Susten Mahindra Susten at an equity value of Rs 2,371 crore.
"As a result of this transaction, Mahindra Group will receive an inflow of approximately INR 1,300 crore (-USD 165 million). Mahindra Group and Ontario Teachers' will jointly explore the sale of an additional 9.99% stake in Mahindra Susten by May 31, 2023. Mahindra Group will deploy these funds, plus an incremental amount of up to Rs 1,750 crore (~ USD 220 million), into the business & InvIT over the next seven years," the company said in an exchange filing.
It said the deal will enable the Mahindra Group to unlock value in the renewable energy sector and it will continue to invest along with Ontario Teachers' to help realise its twin objectives of accelerated growth and global leadership in ESG.
M&M was the top gainer in both Sensex and Nifty in the late morning hours.
The two parties have signed binding agreements pursuant to which Ontario Teachers will acquire a 30 per cent equity stake in Mahindra Susten Mahindra Susten at an equity value of Rs 2,371 crore.
"As a result of this transaction, Mahindra Group will receive an inflow of approximately INR 1,300 crore (-USD 165 million). Mahindra Group and Ontario Teachers' will jointly explore the sale of an additional 9.99% stake in Mahindra Susten by May 31, 2023. Mahindra Group will deploy these funds, plus an incremental amount of up to Rs 1,750 crore (~ USD 220 million), into the business & InvIT over the next seven years," the company said in an exchange filing.
It said the deal will enable the Mahindra Group to unlock value in the renewable energy sector and it will continue to invest along with Ontario Teachers' to help realise its twin objectives of accelerated growth and global leadership in ESG.
M&M was the top gainer in both Sensex and Nifty in the late morning hours.
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