Mahindra & Mahindra arm completes sale of stake in MFCS and ADPL

Mahindra Holdings Limited ("MHL") a wholly owned subsidiary of Mahindra & Mahindra Ltd., had on 26th November, 2020 agreed to sell its entire stake aggregating 100% of the paid-up Equity Share Capital in Mahindra First Choice Services Limited ("MFCS") for a consideration of Rs. 21.5 crores and its entire stake aggregating 100% of Optionally Convertible Redeemable Preference Shares in Auto Digitech Private Limited ("ADPL"), wholly owned subsidiary of MFCS, for a consideration of Rs. 13.5 crores to TVS Automobile Solutions Private Limited ("TASL").

In this connection, MHL has today, completed the above transaction. Following the sale, MHL's shareholding in MFCS and ADPL has become 'Nil'.

Consequently, MFCS and ADPL have ceased to be subsidiaries of MHL and of the Company with effect from 25th February, 2021.

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.850.45 as compared to the previous close of Rs. 840.45. The total number of shares traded during the day was 442362 in over 12804 trades.

The stock hit an intraday high of Rs. 855.6 and intraday low of 803.55. The net turnover during the day was Rs. 371655788.

Source : Equity Bulls

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