Mahindra & Mahindra Ltd.
Mahindra Towers, | |
Dr. G. M. Bhosale Marg, Worli, | |
Mumbai 400 018 India | |
Tel: +91 22 24901441 | |
Fax: +91 22 24975081 | |
REF:NS:SEC: | |
17th February, 2022 | |
National Stock Exchange of India Limited | BSE Limited |
"Exchange Plaza", 5th Floor, | Phiroze Jeejeebhoy Towers, |
Plot No.C/1, G Block | Dalal Street, Fort, |
Bandra-Kurla Complex | Mumbai 400001. |
Bandra (East), Mumbai 400051. | |
Bourse de Luxembourg | London Stock Exchange Plc |
Societe de la Bourse de Luxembourg | 10 Paternoster Square |
Societe Anonyme/R.C.B. 6222, | London EC4M 7LS. |
B.P. 165, L-2011 Luxembourg. |
Sub: Intimation of Acquisition - under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
With reference to the captioned subject, we would like to inform you that the Company has today, in exercise of its Call Option under the relevant Shareholders Agreement ("SHA"), has signed a Share Purchase Agreement for acquiring not more than 21,875 Equity Shares of Rs.10 each at a premium of Rs.3,192.23 per Equity Share from the existing shareholders of M.I.T.R.A. Agro Equipments Private Limited ("MITRA"), an Associate of the Company.
The shareholding of the Company in MITRA would stand increased to 47.33% (on a fully diluted basis) from the present 39.02% (on a fully diluted basis) upon completion of the captioned transaction.
The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015 are given in Annexure A to this letter.
This is for your information.
Kindly acknowledge receipt.
Yours faithfully,
For MAHINDRA & MAHINDRA LIMITED
NARAYAN SHANKAR
COMPANY SECRETARY
Encl.: a/a
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India
Tel: +91 22 22021031|Fax: +91 22 22875485
Email : group.communications@mahindra.com mahindra.com
CIN No. L65990MH1945PLC004558
Mahindra & Mahindra Ltd.
Mahindra Towers, | ||
Dr. G. M. Bhosale Marg, Worli, | ||
Mumbai 400 018 India | ||
Tel: +91 22 24901441 | ||
Fax: +91 22 24975081 | ||
Annexure A | ||
Acquisition (including agreement to acquire): | ||
Sr. | Details of Events that need to be | Information of such events(s) |
No. | provided | |
a) | name of the target entity, details in brief | M.I.T.R.A. AGRO EQUIPMENTS PRIVATE LIMITED |
such as size, turnover etc.; | ("MITRA") is an Indian company, which manufactures | |
and sells agricultural sprayers. | ||
MITRA operates in the fast-growing horticulture sprayers | ||
segment and is among the leading players in the organized | ||
segment. | ||
It had a turnover of Rs.32.9 crores for FY21. | ||
b) | whether the acquisition would fall within | The purchase of upto 21,875 Equity Shares of Rs.10 each of |
related party transaction(s) and whether | MITRA from its existing shareholders would not be a | |
the promoter/ promoter group/ group | related party transaction. | |
companies have any interest in the entity | ||
being acquired? | None of the promoter/promoter group / group companies | |
of M&M have any interest in the MITRA, except to the | ||
If yes, nature of interest and details | extent MITRA being an Associate of the Company. | |
thereof and whether the same is done at | ||
"arm's length" | ||
c) | industry to which the entity being | Agricultural machinery |
acquired belongs; | ||
d) | objects and effects of acquisition | The additional Share Purchase in MITRA would support |
(including but not limited to, disclosure | the Company's Farm Equipment Sector's growth in the | |
of reasons for acquisition of target entity, | horticulture equipment sector. | |
if its business is outside the main line of | ||
business of the Company); | Post the acquisition of additional equity shares, MITRA | |
would continue to remain an Associate of the Company. | ||
Contd. …2 |
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India
Tel: +91 22 22021031|Fax: +91 22 22875485
Email : group.communications@mahindra.com mahindra.com
CIN No. L65990MH1945PLC004558
Mahindra & Mahindra Ltd.
Mahindra Towers, | ||
Dr. G. M. Bhosale Marg, Worli, | ||
Mumbai 400 018 India | ||
Tel: +91 22 24901441 | ||
Fax: +91 22 24975081 | ||
-:2:- | ||
e) | brief details of any governmental or | Not applicable |
regulatory approvals required for the | ||
acquisition; | ||
f) | indicative time period for completion of | Around March, 2022 |
the acquisition; | ||
g) | nature of consideration - whether cash | Cash |
consideration or share swap and details | ||
of the same | ||
h) | cost of acquisition or the price at which | Not Exceeding Rs.7.005 Crores (upto 21,875 Equity Shares |
the shares are acquired; | of Rs.10 each at a premium of Rs.3,192.23 per Equity Share) | |
i) | percentage of shareholding / control | The Company currently holds 39.02% of the Share Capital |
acquired and / or number of shares | of MITRA, on a fully diluted basis. The proposed | |
acquired; | transaction involves purchase of upto 21,875 Equity Shares | |
of Rs.10 each of MITRA from the existing shareholders of | ||
MITRA which would result in enhancing its shareholding | ||
to approximately 47.33% of the Share Capital, on a fully | ||
diluted basis. | ||
j) | brief background about the entity | • Incorporated in 2012, MITRA is engaged in the |
acquired in terms of products/line of | business of manufacturing, assembling, designing, | |
business acquired, date of incorporation, | developing, and selling agricultural sprayers, | |
history of last 3 years turnover, country in | rotavators & spare parts and after sales services | |
which the acquired entity has presence | therefor. | |
and any other significant information (in | • Key Products: Sprayers for grapes, citrus, pomegranate | |
brief) | and mango | |
• Market Presence: India (Maharashtra, Gujarat, | ||
Karnataka and Andhra Pradesh) | ||
• Turnover details for last 3 years: | ||
FY21: Rs.32.9 crores | ||
FY20: Rs.29.2 crores | ||
FY19: Rs.22.6 crores |
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India
Tel: +91 22 22021031|Fax: +91 22 22875485
Email : group.communications@mahindra.com mahindra.com
CIN No. L65990MH1945PLC004558
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Mahindra & Mahindra Ltd. published this content on 17 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2022 10:15:07 UTC.