M&M inks pact to buy 13% more stake in associate; stock tumbles 8%

Mahindra & Mahindra post-market hours on Wednesday said that it has signed a share purchase agreement to buy additional 34,249 equity shares of MITRA Agro Equipments Pvt Ltd, an associate of the company, from its existing shareholders.

“The Company has today signed a Share Purchase Agreement for the purchase of additional 34,249 Equity Shares of M.I.T.R.A. Agro Equipments Pvt Ltd. ('Mitra'), an Associate of the Company, from its existing shareholders,” M&M said in the filing.

The Company currently holds 26% (on a fully diluted basis) of the equity share capital of Mitra, and post completion of the above transaction, it will hold ~39% of the equity share capital of Mitra on a fully diluted basis, it added.

The stock is currently trading at Rs416.80, down by Rs35.75 or 7.9% from its previous closing of Rs452.55 on the BSE.

The scrip opened at Rs431.55 and has touched a high and low of Rs431.55 and Rs412.45 respectively.

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