Mahindra & Mahindra Limited announced it has acquired additional stake in MITRA Agro Equipments Private Limited. Post this acquisition, the company will hold a 47.33% stake in the company.
According to the company’s exchange filing, “we would like to inform you that the Company has today, in exercise of its Call Option under the relevant Shareholders Agreement (“SHA”), has signed a Share Purchase Agreement for acquiring not more than 21,875 Equity Shares of Rs.10 each at a premium of Rs.3,192.23 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 company added.
Incorporated in 2012, MITRA is engaged in the business of manufacturing, assembling, designing, developing, and selling agricultural sprayers, rotavators & spare parts and after sales services therefor.
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