Mahindra & Mahindra Ltd. informed in furtherance to its letter dated 31st August, 2019, wherein it was intimated that the Company signed a Share Subscription Agreement for subscribing upto 55% of the Equity Share Capital of Meru Travel Solutions Private Limited ("Meru") in tranches. It added that after investment of the first tranche in Meru, the Company will have the right to appoint majority of the Directors on the Board of Meru and as such will control the composition of the Board of Directors of Meru.
The company announced on Thursday that it has on Dec 5 acquired 36.63% of the Equity Share Capital of Meru in the first tranche of investment, and also the Right to appoint majority of the Directors on the Board of Meru.
Consequently, in terms of Section 2(87)(i) of the Companies Act, 2013, Meru has become a subsidiary of the Company with effect from 5th December, 2019, and the following subsidiary companies of Meru, have in turn, also become subsidiaries of the Company from the said date: 1. Meru Mobility Tech Private Limited
2. V-Link Automotive Services Private Limited
3. V-Link Fleet Solutions Private Limited
Mahindra & Mahindra Ltd ended at Rs523.85 down by Rs1.95 or 0.37% from its previous closing of Rs525.80 on the BSE.
The scrip opened at Rs528 and touched a high and low of Rs531 and Rs522.20 respectively. A total of 24,07,645 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs65,217.88cr.
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