Mahindra & Mahindra Ltd and Temasek, the Singapore-headquartered global investment firm, have executed a binding agreement for Temasek to invest Rs 1,200 crore in Mahindra Electric Automobile Ltd (MEAL), the four-wheeler (4W) passenger electric vehicles company.
Temasek will invest Rs 1200 crore in the form of Compulsorily Convertible Preference Shares (CCPS) at a valuation of up to Rs 80,580 crore, resulting in Temasek’s ownership of a 1.49 — 2.97 per cent stake in MEAL.
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