Mahindra & Mahindra Financial Services (Mahindra Finance) has signed a 'Share Subscription, Share Purchase and Shareholders' Agreement' with Ideal Finance (Sri Lanka). The company has agreed to subscribe/acquire up to 58.20% of the Equity Share Capital of Ideal Finance, in one or more tranches, for an amount not exceeding Sri Lankan rupee 200.30 crore.
Upon acquisition of the above stake, Ideal Finance will become a subsidiary of the Company. The Company has received the requisite approval from the Reserve Bank of India, for the proposed investment in Ideal Finance.
Mahindra Finance one of India’s leading non-banking finance companies.
