Mahindra & Mahindra and Mahindra Electric Automobile Limited | Fund Raise
Khaitan & Co advised Mahindra & Mahindra (M&M) and Mahindra Electric Automobile Limited (“MEAL”) on investment of upto INR 1,200 cores, in one or more traches, by Singapore’s sovereign wealth fund, Temasek in MEAL. Temasek will invest upto INR 1,200 crores in the form of compulsory convertible instruments at a valuation of up to Rs. 80,580 crores, resulting in 1.49% to 2.97% ownership for Temasek in MEAL. Temasek will join British International Investments (BII) as an investor in MEAL.
The Firm acted as legal counsel to M&M and MEAL for the transaction documents and structuring (including drafting, negotiating, finalising the transaction documents) and general legal advisory.
With this investment, Mahindra’s EV subsidiary’s valuation has gone up by 15% to Rs 80,580 crore and M&M is now the largest valued EV company in India.