Mahindra & Mahindra has purchased entire shareholding of 51, 00,000 equity shares of Rs 10 each held by Mahindra Ugine Steel Company in Mahindra Sanyo Special Steel (MSSSPL), a second tier subsidiary of the company, constituting 51% of the equity share capital of MSSSPL, for an aggregate consideration of Rs 214.33 crore, thereby making MSSSPL a direct subsidiary of the company. The said consideration is as per the Valuation Report of an Independent professional firm.
The above proposal for purchase of investment in MSSSPL is subject to necessary approvals, as may be required. The Committee of Directors of the company at its meeting held on June 15, 2013 has approved for the same.
Mahindra & Mahindra is the flagship company of the Mahindra Group. The company’s core automotive and farm equipment businesses have grown into market leaders whose triple bottom line ethic is driving industry trends towards technological innovation, social responsibility, and constantly improving customer satisfaction.
| 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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