<p>Sansera Engineering has announced it has entered into a definitive agreement for strategic investment of Rs 20 crore in MMRFIC Technology.</p>.<p>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 100 each with a premium of Rs 1,240 per CCPS; and 17 equity shares of Re 1 each with a premium of Rs 599 per share.</p>.<p>The equity percentage will be determined on conversion of CCPS based on FY24 EBITDA.</p>.<p>"Based on projected FY24 EBITDA this investment would result in a approx. 21 per cent stake in MMRFIC. Sansera has a right to invest further and increase its stake up to 51 per cent at a predefined valuation formula," according to a statement.</p>.<p>B R Preetham, Group CEO of Sansera Engineering, said: "I am very pleased to inform you that we have signed a definitive agreement for a strategic investment in MMRFIC Technology Private Limited (MMRFIC). Diversification and collaborations have been an integral part of our journey since the very beginning." The transaction provides an opportunity to reinforce this strategy by increasing the pie of the company's non-ICE offerings.</p>.<p>The strategic investment in MMRFIC will help Sansera enter into high technology space and have access to a strong R&D and engineering team which can address its priority market segments -- defence and aerospace. It also has the potential in the telecom (5G) and the automotive (autonomous driving subsystems) technologies in future.<br /> </p>
<p>Sansera Engineering has announced it has entered into a definitive agreement for strategic investment of Rs 20 crore in MMRFIC Technology.</p>.<p>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 100 each with a premium of Rs 1,240 per CCPS; and 17 equity shares of Re 1 each with a premium of Rs 599 per share.</p>.<p>The equity percentage will be determined on conversion of CCPS based on FY24 EBITDA.</p>.<p>"Based on projected FY24 EBITDA this investment would result in a approx. 21 per cent stake in MMRFIC. Sansera has a right to invest further and increase its stake up to 51 per cent at a predefined valuation formula," according to a statement.</p>.<p>B R Preetham, Group CEO of Sansera Engineering, said: "I am very pleased to inform you that we have signed a definitive agreement for a strategic investment in MMRFIC Technology Private Limited (MMRFIC). Diversification and collaborations have been an integral part of our journey since the very beginning." The transaction provides an opportunity to reinforce this strategy by increasing the pie of the company's non-ICE offerings.</p>.<p>The strategic investment in MMRFIC will help Sansera enter into high technology space and have access to a strong R&D and engineering team which can address its priority market segments -- defence and aerospace. It also has the potential in the telecom (5G) and the automotive (autonomous driving subsystems) technologies in future.<br /> </p>
