Mahindra & Mahindra Ltd.

Mahindra & Mahindra (M&M) has received an approval to enter into share purchase agreement with Participaciones Internacionales Autometal Dos, S.L., CIE Automotive S.A. and Autometal, S.A. The agreement is for sale of 4,85,29,500 equity shares of Rs 10 each aggregating 52.65% of the equity share capital of Mahindra Forgings, a listed subsidiary of the company for an aggregate consideration of Rs 393.08 crore  at a rate of Rs 81 per share; for sale of 3,02,54,052 equity shares of Rs 10 each aggregating 64.96% of the equity share capital of Mahindra Hinoday Industries, a subsidiary of the company for an aggregate consideration of Rs 268.95 crore at a rate of Rs 88.90 per share and for sale of 13,41,203 equity shares of Rs 10 each aggregating 30.38% of the equity share capital of Mahindra Composites for an aggregate consideration of Rs 10.01 crore at a rate of Rs 74.70 per share.

The board of directors at its meeting held on June 15, 2013 has approved for the same. It has also approved for investment of an amount of Euro 96.24 million to be made by the company through its subsidiary (ies) for a stake of 13.5% in CIE Automotive S.A. at a price of € 6.00 per share.

Besides the above, the board of directors of Mahindra Holdings, a wholly owned subsidiary of the company has also approved entering into of a share purchase agreement, with Participaciones Internacionales Autometal Dos, S.L., CIE Automotive S.A. and Autometal, S.A. for sale of 220,000 Equity shares of Rs 10 each aggregating 4.98% of the equity share capital of Mahindra Composites for an aggregate consideration of Rs 1.64 crore at a rate of Rs 74.70 per share.