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Sona Group promoters pick up Mahindra’s stake in JV for Rs 120 crore

 HermanWyld
  66
 May 21, 2024

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NEW DELHI: Promoters of auto component maker Sona Group have acquired stake in Mahindra Mahindra Joint Venture for Rs 1.2 crore.

Sona Group and MM formed a joint venture about 20 years ago to manufacture SUVs as well as clutches and driveshafts for light commercial vehicles. The promoter family of /psona purchased the 37.5% stake in MSLL held by Chairman MM and related companies. The promoters of the Sona Group will now own more than 70% of the company, which supplies components to Ashok to Leyland, Tata Motors, MM, Eicher, JCB and Meritor USA.

The transaction was funded by Avendusss loan facility. Son-in-law Gaurav Motwane He said, “We have provided an exit avenue for our investors and will continue to expand the market and build MSL Over the years, the brand has benefited from our association with Mahindra Group.” Surinder Kapoor, the late chairman of Sona Group, who was also an individual investor in MSL sold a 5% stake in ILFSS Financial Services. Issuing shares of the company to existing financial investors.

Avendus Capital issued NBFC Avendu Finance Sandeppepsandeppeppeps Thapliyal “Blue chip entrepreneurs and corporates are showing interest in differentiated forms of capital.”

The loan component to the promoters of Sona Group is structured to provide a fixed coupon rate to the lenders and also includes a structure with MSL The performance of the payment component is linked to the financials. The NBFC arms of private equity funds such as KKR have been active in acquiring and financing equity stakes in corporate promoters as banks have restricted financing for such transactions.

KKR had previously financed the promoters of Avanthaathatha Group and Max India through structured credit transactions, and as a result, the fund acquired stakes in companies owned by both promoters.

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