Mahindra & Mahindra rides high as its arm gets first tranche of Rs 300 crore from IFC
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Mahindra & Mahindra is currently trading at Rs. 1555.60, up by 17.45 points or 1.13% from its previous closing of Rs. 1538.15 on the BSE.
The scrip opened at Rs. 1541.05 and has touched a high and low of Rs. 1558.80 and Rs. 1541.05 respectively. So far 586312 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1670.00 on 18-Sep-2023 and a 52 week low of Rs. 1124.00 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1558.80 and Rs. 1513.75 respectively. The current market cap of the company is Rs. 193542.83 crore.
The promoters holding in the company stood at 19.37%, while Institutions and Non-Institutions held 67.08% and 13.55% respectively.
Mahindra & Mahindra’s (M&M) subsidiary -- Mahindra Last Mile Mobility (MLMML) has received the first tranche of Rs 300 crore from the International Finance Corporation (IFC). In March 2023, the International Finance Corporation committed to invest Rs 600 crore (in one or more tranches), at a valuation of up to Rs 6020 crore, in a new company housing the last mile mobility division of Mahindra Group.
Subsequently, MLMML was incorporated as a subsidiary of Mahindra & Mahindra and it commenced commercial operations in September 2023, pursuant to closing of Asset Transfer Agreement and Business Transfer Agreements with M&M. MLMML has since completed other regulatory and procedural requirements and has received the first tranche of Rs 300 crore from IFC.
This partnership with IFC reflects the shared values and ambitions both entities have demonstrated in their commitment to sustainable, inclusive, and clean mobility solutions. MLMML will accelerate the green transition of the automotive industry in support of India’s climate targets. MLMML will focus on scaling last mile passenger and cargo transportation solutions.
Mahindra & Mahindra 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.
