Mahindra & Mahindra has today entered into a Share Purchase Agreement with Artelia Holding SAS (Artelia) for sale of its entire stake in Mahindra Consulting Engineers, a subsidiary of the Company (MCEL) i.e. 60.88% of the Paid-Up Equity Share Capital of MCEL comprising of 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.
Upon completion of the above:
(i) MCEL will cease to be the subsidiary of the Company;
(ii) Consequent to (i) above, Mahindra Namaste, a wholly owned subsidiary of MCEL (MNL), would also cease to be a subsidiary of the Company.
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