Mahindra & Mahindra trades marginally higher on signing SPA to acquire stake in MITRA
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Mahindra & Mahindra is currently trading at Rs. 863.55, up by 1.80 points or 0.21% from its previous closing of Rs. 861.75 on the BSE.
The scrip opened at Rs. 859.00 and has touched a high and low of Rs. 869.80 and Rs. 858.70 respectively. So far 5839 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 978.90 on 17-Nov-2021 and a 52 week low of Rs. 725.00 on 28-Jul-2021.
Last one week high and low of the scrip stood at Rs. 878.65 and Rs. 780.60 respectively. The current market cap of the company is Rs. 107132.12 crore.
The promoters holding in the company stood at 19.47%, while Institutions and Non-Institutions held 66.54% and 13.98% respectively.
Mahindra & Mahindra (M&M) has signed a Share Purchase Agreement (SPA) 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 (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 additional Share Purchase in MITRA would support the company’s Farm Equipment Sector’s growth in the horticulture equipment sector. Post the acquisition of additional equity shares, MITRA would continue to remain an Associate of the company.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
