Mahindra & Mahindra signed a Share Subscription Agreement for subscribing to the following securities of TVS
Automobile Solutions (TASL)-
Series IV Compulsorily Convertible Preference Shares (Series IV CCPS) resulting in the Company acquiring 2.76% of the share capital of TASL on a fully diluted basis and
Series V Compulsorily Convertible Preference Shares (Series V CCPS) with an earn-out right to increase the stake of the Company in TASL. The number of equity shares upon conversion would depend upon the milestones to be achieved upto 31 March 2024.
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