Mahanagar Gas acquires 30.97% share in three-wheeler EV company 3ev Industries

Mahanagar Gas said that it has entered into a shareholders’ agreement with 3EV Industries Private Limited to acquire 30.97% shareholding in the company
Mahanagar Gas acquires 30.97% share in three-wheeler EV company 3ev Industries
Mahanagar Gas acquires 30.97% share in three-wheeler EV company 3ev Industries

New Delhi: Mahanagar Gas said on Tuesday that it has entered into a shareholders’ agreement with 3EV Industries Private Limited to acquire 30.97 percent shareholding in the company that manufactures and operates three-wheeler electric vehicles (EVs). “… we wish to inform that subsequent to execution of Share Subscription Agreement (“SSA”), Mahanagar Gas Limited (“Company”) has entered into Shareholders’ Agreement (“SHA”) with 3EV Industries Private Limited (“3ev”), Founders, Promoters and other Shareholders of 3ev, to acquire 30.97% shareholding in 3ev,” Mahanagar Gas told the stock exchanges in a regulatory filing.

MGL will have right to appoint one Director on board of 3ev

“The Agreement has been entered for acquiring 30.97 percent shareholding and voting rights in 3ev through equity instruments, subject to the fulfilment of terms and conditions under the definitive agreements entered/ to be entered into by the Company in connection with the above-mentioned transaction,” said Mahanagar Gas.

The shareholding will give MGL the right to appoint one Director on the board of 3ev and one board observer. MGL will have the right to subscribe 30.97 percent of share capital of 3ev and will subscribe shares on pro-rata basis for every further issue of shares.

“Prior written consent of MGL is required for Affirmative Vote Matters which, inter alia, includes matter related to change in capital structure of the Company,” said Mahanagar Gas.

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The company will issue 18,343 equity instruments (10 equity shares of face value of Rs 10 each and 18,333 Series A CCPS of face value of Rs 100 each), for a total consideration of Rs 96 crore. The said equity instruments will be issued in tranches as per terms and conditions of the shareholders agreement (SHA).

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