M&M completes merger of trucks, buses division with itself

Company said the scheme of arrangement has become effective from March 30

Mahindra & Mahindra has completed the merger of trucks and buses vertical of its subsidiary MTBL with itself for greater synergy with the group business.

The vertical was first demerged from Mahindra Trucks and Buses Ltd and then merged with M&M.

In a filing to the BSE today, M&M said the scheme of arrangement has become effective from March 30, 2014.

The Bombay High Court had approved the scheme of arrangement between M&M and MTBL on March 7.

The Mumbai-based firm had last year approved the de-merger of its trucks and buses operations from MTBL into M&M to derive greater synergies.

As per the approved scheme, all assets and liabilities of MTBL have been transferred to M&M. MTBL had registered an accumulated loss of Rs 920 crore till FY'13, which will get into M&M account.

M&M shares were trading at Rs 978.20 a piece on the BSE in afternoon trade, up 1.13 per cent from the previous close.