Sansera Engineering has announced it has entered into a definitive agreement for strategic investment of Rs 20 crore in MMRFIC Technologies.

Sansera would make an investment of Rs 200 million (Rs 20 crore) in MMRFIC by way of 1,49,250 CCPS (Compulsory Convertible Preference Shares) of Rs one hundred every single with a premium of Rs 1,240 per CCPS and 17 equity shares of Re 1 every single with a premium of Rs 599 per share.

The equity percentage will be determined on conversion of CCPS primarily based on FY24 EBITDA.

“Primarily based on projected FY24 EBITDA this investment would outcome in a approx. 21 per cent stake in MMRFIC. Sansera has a appropriate to invest additional and boost its stake up to 51 per cent at a predefined valuation formula,” according to a statement.

B R Preetham, Group CEO of Sansera Engineering, mentioned: “I am extremely pleased to inform you that we have signed a definitive agreement for a strategic investment in MMRFIC Technologies Private Restricted (MMRFIC). Diversification and collaborations have been an integral element of our journey considering the fact that the extremely starting.” The transaction offers an chance to reinforce this technique by escalating the pie of the company’s non-ICE offerings.

The strategic investment in MMRFIC will enable Sansera enter into higher technologies space and have access to a sturdy R&ampD and engineering group which can address its priority industry segments — defence and aerospace. It also has the possible in the telecom (5G) and the automotive (autonomous driving subsystems) technologies in future.