Mahindra & Mahindra (M&M) on Wednesday said it will hike stake in Carnot Technologies, a vehicle monitoring technology company, to 52.69 percent from the current 15.6 percent for about ₹14 crore.
The Mumbai-based manufacturer of SUVs and tractors, will acquire 7,423 equity shares from its existing shareholders and also subscribe to 1,613 Series-C Compulsory Convertible Cumulative Participating Preference Shares (Series C CCCPS), respectively of Carnot.
Carnot will become a subsidiary of M&M upon completion of the transaction which is expected to be completed by end of this month, M&M said in a regulatory filing.
“Carnot is expected to support M&M’s strategy by developing information technology solutions for its products, customers and businesses,” M&M added.
Incorporated in August 2015, Carnot is engaged in the business of research, development, manufacturing and retail of products and providing services in the field of information technology and technology enabled applications in different fields.
The company provides products and services related to internet connected devices for monitoring performance of vehicles and equipment. It had a turnover of ₹6.5 crore for FY21.