 "Mahindra & Mahindra")
Mahindra & Mahindra on Monday said it has hiked its stake in its Finland-based arm Sampo Rosenlew Oy to 100 per cent with the acquisition of residual shares for over Rs 35 crore.
In December 2020, the company increased its stake in combine harvester maker Sampo Rosenlew Oy to 79.13 per cent with the acquisition of additional 1,050 shares for Rs 31.15 crore.
In a regulatory filing, Mahindra & Mahindra (M&M) said it executed an option exercise share purchase agreement on Monday to acquire 1,317 equity shares of Sampo Rosenlew Oy, pursuant to the exercise of a call option by it on the other shareholder of Sampo.
Subsequently, the shareholding and consequent voting rights of M&M in Sampo would increase from 79.13 per cent to 100 per cent of the equity share capital of Sampo and it would become a wholly-owned subsidiary of the company, it added.
The consideration will be paid in cash and the 1,317 equity shares of Sampo are being acquired at a price of euro 3,333 per share aggregating euro 43,89,561 (Rs 35.57 crore), the filing said.
Sampo is known for its mid-sized combine harvesters in markets, including Europe and North Africa. It is also a joint venture partner of M&M for combine harvesters in Algeria.
M&M said it along with Sampo will jointly focus on the combine harvesters and specialty harvester business in Asia, Africa, Eurasian Economic Union countries and Latin America.
The company's scale in tractors and Sampo's expertise in combine harvesters allow both to offer a broader product portfolio to address the needs of farmers in various countries, M&M said.
Sampo clocked a turnover of euro 52 million in the fiscal ended March 31, 2022, the filing said.
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