Mahindra & Mahindra Ltd.

Mahindra & Mahindra (M&M) has entered into a Share Purchase Agreement with Artelia Holding SAS (Artelia) for sale of its entire stake in Mahindra Consulting Engineers (MCEL), a subsidiary of the Company i.e. 60.88% of the Paid-Up Equity Share Capital of MCEL comprising of 11,51,000 Equity Shares of Rs 10 each to Artelia, in one or more tranches at a price of Rs 89.66 per share for an aggregate consideration of Rs 10,31,98,660.

Upon completion of the above, MCEL will cease to be the subsidiary of the Company; Consequent to this, Mahindra Namaste (MNL), a wholly owned subsidiary of MCEL, would also cease to be a subsidiary of the Company.

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.