M&M rallies 5% as UK's BII to invest up to Rs 1,925 crore in new EV arm

The funds will be utilized primarily to create and market a world-class electric SUV portfolio with advanced technologies

Shares of Mahindra & Mahindra (M&M) hit a new high of Rs 1,191.90 after they rallied 5 per cent on the BSE in Friday's intra-day trade. The move comes after the company said the UK's development finance institution, British International Investment (BII), will invest Rs 1,925 crore in a new four-wheeler electric passenger vehicle company to be set up by the company.

"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