Mahindra Forgings Issues equity shares pursuant to Scheme of Arrangement

With reference to the earlier announcement dated December 03, 2007 about the Scheme of Arrangement (the Scheme) of Mahindra Stokes Holding Company Ltd (MSHCL), Mahindra Forgings Overseas Ltd (MFOL) and Mahindra Forgings Mauritius Ltd (MFML) with Mahindra Forgings Ltd (MFL) has been duly approved by the Hon'ble High Court of Judicature at Bombay vide its Order dated November 23, 2007. The effective date of the Scheme is December 27, 2007, Mahindra Forgings Ltd (MFL) has announced that pursuant to the Scheme, the Committee of Directors of the Company at its meeting held on January 28, 2008 has issued, 4,05,47,150 equity shares of Rs 10/- each.

Further the Committee of Directors has allotted equity shares, effective as of December 27, 2007, to the Resident Indian shareholders of the Transferor Companies as mentioned below:

1. Mahindra & Mahindra Ltd - 2,83,25,959
2. Dujon Commercial Pvt Ltd - 4,06,840
3. Green Valley Products Pvt Ltd - 1,22,435

Post issuance of equity shares under the Scheme the shareholding of Mahindra & Mahindra Ltd (M&M) in MFL would stand at 60.56% of the paid-up capital of the Company.

Further the allotment of equity shares pursuant to the Scheme to the Non-resident shareholders of the transferor Companies will be made upon receipt of the FIPB approval.

Source : Equity Bulls

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