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Mahindra And Mahindra informs about cessation of associate company

21 Sep 2023 Evaluate

Mahindra And Mahindra has informed that the Resson Aerospace Corporation, Canada, which is an Associate of the Company (‘Resson’) wherein the Company holds 11.18% stake (on a fully diluted basis) through Class C preferred Shares, had filed for a voluntary winding-up. Resson has received a Certificate of Dissolution from Corporations Canada dated 20th September 2023, which was informed to the Company on 20th September 2023 at 8.19 p.m. Consequent to the above, Resson has ceased to be in existence and has also ceased to be an Associate of the Company under the Indian Accounting Standards (IndAS) with effect from 20th September, 2023. Upon liquidation of Resson, the Company is entitled to receive approximately 4.7 million Canadian Dollars (equivalent to INR 28.7 crores) as distribution of proceeds towards Class C Preferred Shares held by the Company. The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July, 2023 are given in Annexure A to this letter.

The above information is a part of company’s filings submitted to BSE.

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