Swaraj Engines is the star on the bourses today. The stock price surged over 15.5% to hit a new 52-week high at Rs.1960 on the back of a 16.5-times rise in volumes.
The stock hit a high after Mahindra & Mahindra (M&M) proposed to buy additional 17.41% stake in the company, (SEL) for Rs 296 crore. The stake is proposed to be bought at a price of Rs 1,400 per share.
With this buy, M&M’s stake in SEL will increase from 34.72% to 52.13%, with SEL turning from an Associate company into a subsidiary.
The transaction is expected to be completed by September 30, 2022.