Acquisition of additional stake in Carnot Technologies Private Limited

Mahindra & Mahindra Ltd. has completed the acquisition of an additional 28.03% stake in its subsidiary, Carnot Technologies Private Limited, increasing its total holding to 80.72% of the paid-up equity share capital and 89% in terms of voting rights. The acquisition was executed through a Share Purchase Agreement with certain promoters of Carnot. Carnot will continue to operate as a subsidiary of Mahindra & Mahindra.

An acquisition spends cash or issues shares today for earnings that arrive later, so the price paid and the funding route decide whether holders gain.

• Consideration and how it is funded
• Revenue and profit of the target
• Expected completion date
• We look forward to building on this momentum during the festive season. (management committed by FY27)
• Continued support of various government schemes and the upcoming festive season should bolster rural sentiment (management committed by FY27)