Mahindra & Mahindra’s wholly-owned subsidiary -- Mahindra Holdings (MHL) has executed a Share Purchase Agreement (SPA) with Space Investments, Defati Investments Holdings BV and Infinity Partners (collectively referred to as Buyers), and New Delhi Centre for Sight (NDCFS) and the promoters of NDCFS, for sale of its entire stake in NDCFS, i.e. 30.83% of the paid-up capital of NDCFS on a fully diluted basis, to the Buyers (Proposed Transaction) for an aggregate consideration of Rs 425.39 crore.
NDCFS is an Associate Company of MHL under the Companies Act, 2013, and a Joint Venture of MHL and that of the Company under Indian Accounting Standards (IND AS). Upon completion of the Proposed Transaction, the shareholding of MHL in NDCFS shall become ‘Nil’ and NDCFS shall cease to be an Associate Company of MHL under the Companies Act, 2013, and a Joint Venture of MHL and that of the Company under IND AS.
Mahindra & Mahindra (M&M) 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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