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Mahindra Lifespace Developers-led JV Mahindra Homes nods Rs110.10cr buyback

The offer to buyback is basis economic interest in the ratio of 50:50 between the Company and Actis.

December 24, 2021 2:35 IST | India Infoline News Service
Mahindra Homes Private Ltd (MHPL), a joint venture company of Mahindra Lifespace Developers Ltd and Actis Mahi Holding (Singapore) Private Limited (‘Actis’) has approved buyback of 37,800 Series B and Series C equity shares at Rs. 29,129 per equity share aggregating to Rs110.10cr Series B and Series C equity shares carry economic rights as per the Shareholders Agreement (SHA) executed between the Company, Actis and MHPL and are fully held by Actis and the Company, respectively. Basis the overall paid-up share capital of MHPL comprising Series A (carrying no dividend or economic rights), Series B and Series C equity shares, the Company holds 71.61% and Actis holds 28.89% in MHPL.

As per the SHA, the offer to buyback is basis economic interest in the ratio of 50:50 between the Company and Actis i.e. 18,900 equity shares each from Series B and Series C equity shares.

The Company and Actis have agreed to participate in the buyback offer and have, accordingly, submitted acceptance forms for buyback of their respective full entitlement i.e. 18,900 Series C and B equity shares each held by them respectively at an aggregate consideration of Rs55.05cr each. The acceptance forms received from both the Company and Actis have been accepted and confirmed by MHPL.

Consequent to buyback as above, the shareholding of the Company in MHPL, basis the overall paid-up share capital, has increased from 71.61% to 72.51%.

At around 2:34 PM, Mahindra Lifespace Developers was trading at Rs226.90 apiece down by Rs9.1 or 3.86% on Sensex.

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