Sansera signs definitive agreement for strategic investment in MMRFIC Technology, to invest Rs 20 crore

Sansera signs definitive agreement for strategic investment in MMRFIC Technology, to invest Rs 20 crore

Sansera, the Bengaluru-based precision engineered components maker, has entered into a definitive agreement to make a strategic investment in MMRFIC Technology, a Bengaluru-based Research, Design and Manufacturing firm. 

As per the terms of the agreement, Sansera will invest Rs 200 million (Rs 20 crore) in MMRFIC, via 1,49,250 compulsory convertible preference shares of Rs 100 each, with a premium of Rs 1240 per CCPS, and 17 Equity Shares of Re 1/- each with a premium of Rs 599/- per share.

The equity percentage will be determined on conversion of CCPS based on FY24 EBITDA. Based on projected FY24 EBITDA this investment would result in approximately a 21 percent stake in MMRFIC. Sansera has a right to invest further and increase its stake up to 51% at a predefined valuation formula.

B R Preetham Group CEO, 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. This transaction provides an opportunity to reinforce this strategy by increasing the pie of our non-ICE offerings.” He further stated that it was a testimony of our commitment towards their  emerging Aersopace and Defence business, adding that with MMRFIC’s niche technology, they would create a product portfolio for an AatmaNirbhar Bharat.

“MMRFIC’s team of experts and years of R&D experience in the Radars space sets it apart and made a compelling investment case for us. This transaction will help us take a leap in futuristic technologies.” he stated. 

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  priority market segments, Defence and Aerospace. It also has the potential in the Telecom (5G) and the Automotive (autonomous driving – subsystems) technologies in future. Sansera’s market positioning will help MMRFIC to be a significant player in its sectors, the press release noted. 

MMRFIC’s day-to-day business and operations will continue to be managed by its existing management team, which has successfully led the company to this stage.”

Saravana G, Founder, CEO & CTO MMRFIC Technology said, “We are very excited to join hands with Sansera Engineering through this transaction. This alliance is expected to provide significant future growth and value creation opportunities to MMRFIC by supporting our global competitive positioning and increasing our scale, and addressable market. We look forward to working alongside the Sansera team to continue driving innovation and creating value”, he stated. 

 

Go to Source