The shares of Mahindra and Mahindra Ltd hit a new record of Rs 1,190.90 after they rallied on the Bombay Stock Exchange (BSE) by 5 per cent on Friday trade. UK development finance institution, British International Investment (BII), will invest Rs 1,925 crore in a new four-wheeler of electric passenger vehicles of the company to be set up.

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“BII and M&M have executed a binding agreement to invest up to Rs 1,925 crore each into a wholly-owned subsidiary of M&M that will be newly incorporated. BII will invest up to Rs 1,925 crore in the form of compulsory convertible instruments at a valuation of up to Rs 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership for BII in the EV Co. The EV Co. will focus on four-wheel (4W) passenger electric vehicles,” M&M said in a late-night notification on Thursday.

“M&M is expected to report a healthy performance in Q1FY23 and outperform its peers in the OEM pack. Total tractor sales volumes for the quarter were at 1.19 lakh units, up 62.6 per cent QoQ (seasonality impact) while automotive volumes were nearly flat QoQ at 1.53 lakh units,” it said.