Mahindra & Mahindra Ltd updates on stake in Zoomcar India Pvt Ltd

Mahindra & Mahindra Limited currently holds 4,66,815 Compulsory Convertible Preference Shares (CCPS) of Zoomcar India Private Limited ("Zoomcar India") aggregating to approximately 9.83% of its share capital on fully diluted and converted basis. The CCPS of Zoomcar India held by the Company were to be exchanged for shares in Zoomcar Inc.

Zoomcar, Inc. was an Associate Company under the provisions of the Companies Act, 2013.

The Company has received an intimation from Zoomcar, Inc. on 5th January, 2024 at 04.30 p.m about completion of Merger between Zoomcar, Inc., Innovative International Acquisition Corp., ("IOAC") and others. Pursuant to the Merger, IOAC has been renamed as Zoomcar Holdings, Inc. ("Zoomcar Holdings").

Consequent to the Merger, Zoomcar, Inc. has ceased to be an Associate of the Company and the Company as a CCPS holder of Zoomcar India will receive 11,77,321 shares (including the earnout shares) aggregating 1.04% of the share capital of Zoomcar Holdings, on a fully diluted basis, subject to requisite approvals, if any.

Additionally, Mahindra Overseas Investment Company (Mauritius) Limited, a wholly owned subsidiary of the Company ("MOICML") held shares in Zoomcar, Inc. and pursuant to the Merger, will hold 2,52,245 shares (including earnout shares) aggregating to 0.22% of the share capital of Zoomcar Holdings on a fully diluted basis, subject to receipt of requisite approvals, if any.

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 1642.25 as compared to the previous close of Rs. 1641.40. The total number of shares traded during the day was 84219 in over 7714 trades.

The stock hit an intraday high of Rs. 1661.40 and intraday low of 1636.90. The net turnover during the day was Rs. 138593615.00.

Source : Equity Bulls

Keywords

MahindraandMahindra INE101A01026 CCPS ZoomcarIndia