Mahindra completes acquisition on MITRA for Rs 61.71 cr

Mahindra and Mahindra Limited on Friday completed the acquisition of MITRA Agro Equipment Private Limited at a consideration of Rs 61.71 crore, the company announced through an exchange filing. MITRA from March 17, has become a wholly owned subsidiary of the company.

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MITRA was an associate of the company and in the second purchase took over 1,38,589 equity shares Rs 10 each from which 1,29,619 would be from the current shareholders and 8,970 shares would be from ESOP Holders. This would help the company’s firm equipment sector growth in the horticulture equipment sector.

Prior to the secondary share purchase the company had 47.33 per cent of share in MITRA.

Mahindra and Mahindra on March 14, liquidates subsidiary in Bangladesh.

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Mahindra and Mahindra shares

Mahindra and Mahindra Limited shares on Friday closed at Rs 1,171.40, up by 0.37 per cent.

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