Mahindra Lifespace Developers has acquired 15,000 equity shares of Mahindra Bebanco Developers (MBDL) from the joint venture partner, BE Billimoria & Company representing 30% of the total share capital of MBDL. The balance 35,000 equity shares representing 70% of the total share capital of MBDL is already held by the company.
Consequent to the acquisition of 15,000 equity shares, MBDL has ceased to be a joint venture cum partially owned subsidiary and has become a wholly owned subsidiary of the company with effect from May 28, 2018. It continues to be a subsidiary of the ultimate holding company, Mahindra and Mahindra.
Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19 billion Mahindra Group, and a pioneer of sustainable urbanization in India.
