Mahindra & Mahindra to acquire balance 52.67% stake in MITRA

29 Dec 2022 , 02:40 PM

Mahindra and Mahindra Limited informed that it acquired 1,38,589 Equity Shares of Rs10 each of MITRA. It constitutes 52.67% of the paid-up capital of MITRA on a fully diluted basis.

Following the acquisition of the aforementioned stake, the company’s shareholding in MITRA would increase to 100% (on a fully diluted basis) from the current 47.33%. As a result, MITRA would become the company’s wholly-owned subsidiary.

MITRA is a leading player in the organised segment of the fast-growing horticulture sprayers segment. It is engaged in manufacturing, designing, assembling, developing, and selling agricultural sprayers, rotavators, spare parts, and after-sales services there for.

The proposed transaction involves the purchase of a total of 1,38,589* equity shares of Rs10 each of MITRA. This includes the purchase of 1,29,619 equity shares of Rs10 each from MITRA’s other existing shareholders, and the purchase of 8,970 equity shares from prospective ESOP holders upon the exercise of stock options.

At around 2.41 PM, Mahindra & Mahindra was trading at Rs1,253.90 per piece, up by 0.12% against previous close of Rs1,252.35 on NSE. The counter hit intraday high and low of Rs1,254.10 and Rs1,238.55 respectively.

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