Mahindra & Mahindra (M&M) has approved investment in the Equity Shares of Mahindra Electric Automobile (MEAL), up to an amount not exceeding Rs 630 crore by way of subscription to Rights Issue of Equity Shares of MEAL of Rs 10 each at a premium of Rs 4.50 per share. The proceeds shall be utilized by MEAL to meet its fund requirement for business operations.
MEAL is a Subsidiary of the Company and as such a Related Party of the Company. The Company currently holds 99.99% of the paid up equity share capital of MEAL. The said investment will not cause any change in the percentage of the Equity Shareholding of the Company in MEAL and it will continue to be Subsidiary of the Company.
Mahindra & Mahindra is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
| Company Name | CMP |
|---|---|
| Tata MotorsPassenger | 355.35 |
| Maruti Suzuki | 13725.40 |
| Mahindra & Mahindra | 3329.50 |
| Hyundai Motor India | 1852.45 |
| Mercury Metals | 30.94 |
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