Mahindra & Mahindra acquires 60% stake in Classic Legends

India Infoline News Service | Mumbai | October 19, 2016 14:05 IST

The company has subscribed to and has been allotted 60, 00,000 equity shares of Rs 10 each of CLPL constituting 60% of its post-issue capital, on preferential basis.

Mahindra KUV 100
Mahindra & Mahindra Ltd is currently trading at Rs 1332, up by Rs 0.15 or 0.01% from its previous closing of Rs 1331.85 on the BSE. The company has acquired 60% stake in Classic Legends (CLPL) on October 18, 2016. The company has subscribed to and has been allotted 60,00,000 equity shares of Rs 10 each of CLPL constituting 60% of its post-issue capital, on preferential basis.

The acquisition is to enable CLPL directly or indirectly, manufacture, market, sell, distribute two-wheelers globally by directly or indirectly acquiring/obtaining license of brands.

The scrip opened at Rs 1335 and has touched a high and low of Rs 1335 and Rs 1312.75 respectively. So far 781379(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 82720.19 crore.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 1508.8 on 09-Aug-2016 and a 52 week low of Rs 1092 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 1385 and Rs 1309 respectively.

The promoters holding in the company stood at 25.41 % while Institutions and Non-Institutions held 55.73 % and 13.65 % respectively.

The stock is currently trading below its 50 DMA.

***Note: This is a NSE Chart

 

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