M-;M signs Share Purchase Agreement to increase stake in MITRA to 47.33%

17 Feb 2022 , 03:45 PM

Mahindra & Mahindra Limited on Thursday in the exercise of its Call Option under the relevant Shareholders Agreement (SHA), has signed a Share Purchase Agreement not exceeding Rs7.005 crore for acquiring not more than 21,875 equity shares of Rs10 each at a premium of Rs3,192.23 per equity share from the existing shareholders of M.I.T.R.A. Agro Equipments Private Limited (MITRA), an Associate of the Company.

The shareholding of the company in MITRA would stand increased to 47.33% (on a fully diluted basis) from the present 39.02% (on a fully diluted basis) upon completion of the captioned transaction.

“The additional Share Purchase in MITRA would support the Company’s Farm Equipment Sector’s growth in the horticulture equipment sector. Post the acquisition of additional equity shares, MITRA would continue to remain an Associate of the Company,” M&M said in a regulatory filing.

Mahindra & Mahindra Ltd stock trade on Thursday ended at Rs860.45 per share down by Rs3.55 or 0.41% from its previous closing of Rs864 per share on the BSE.