Mahindra and Mahindra arm completes sale of stake in JV for Rs58.89 crore

22 Feb 2022 , 11:12 AM

Mahindra Engineering and Chemical Products Limited (MECPL), a wholly-owned subsidiary of Mahindra & Mahindra Ltd, had agreed to sell its entire stake aggregating 49% of the paid-up Equity Share Capital held in Mahindra Tsubaki Conveyor Systems Private Limited (MTC) to Tsubakimoto Bulk Systems Corp. (TBS), for consideration of Rs58.89 crore.

MECPL on Monday completed the above transaction & accordingly the shareholding of MECPL in MTC has become ‘Nil’ and MTC has ceased to be an associate of MECPL.

TBS headquartered in Osaka, Japan is a wholly-owned subsidiary of Tsubakimoto Chain Co., Japan a public listed company on the Tokyo Stock Exchange. TBS currently holds 8.50% shareholding in MTC and after the purchase of 49% stake in MTC from MECPL, TBS will hold 57.5% of the paidup equity share capital of MTC.

At around 11.14 am, Mahindra & Mahindra Ltd was trading at Rs837.30 per piece down by Rs3.7 or 0.44% from its previous closing of Rs841 per piece on the BSE.