Mahindra & Mahindra Financial Services (Mahindra Finance) has completed the sale of 1,28,866 equity shares of Mahindra Insurance Brokers (MIBL), a subsidiary of the company, to Inclusion Resources (IRPL) pursuant to a Share Purchase Agreement (SPA) with MIBL and IRPL dated October 16, 2017. The company has received an aggregate consideration of Rs 65 crore. The date of completion of sale was October 27, 2017.
As on date, the company holds 20,61,826 equity shares corresponding to 80% of MIBL’s total issued and paid-up share capital and IRPL holds 5,15,464 equity shares corresponding to 20% of MIBL’s total issued and paid-up share capital.
Mahindra & Mahindra Financial Services is one of India’s leading non-banking finance companies.
