M&M shares to react on Dec quarter results, stake sell in subsidiary

Mahindra and Mahindra has entered into a share purchase agreement with Artelia Holding SAS for sale of its entire stake in Mahindra Consulting Engineers Limited.

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Mahindra and Mahindra (M&M) share price likely to react on February 13 to its December quarter earnings and and stake sale in Mahindra Consulting Engineers.

Mahindra and Mahindra has entered into a share-purchase agreement with Artelia Holding SAS for the sale of its entire stake in Mahindra Consulting Engineers Limited (MCEL), a subsidiary of the company i.e. 60.88 percent of the paid-up equity share capital of MCEL, comprising 11,51,000 equity shares of Rs 10 each to Artelia, in one or more tranches at a price of Rs 89.66 per share for an aggregate consideration of Rs 10,31,98,660, as per company’s press release.

After the stake sale, MCEL will cease to be the subsidiary of the company. And, consequent to above, Mahindra Namaste, a wholly owned subsidiary of MCEL, would also cease to be a subsidiary of the company.

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