VS Parthasarathy resigns from Mahindra Group, to pursue personal interests business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
TVS now holds 100% of the paid-up equity share capital of Mahindra First Choice Services.
Mahindra Holdings Ltd. (MHL) has completed the process of transferring its entire stake in Mahindra First Choice Services (MFCS) for Rs. 21.5 crore, as well as its stake in Auto Digitech Private Ltd. (ADPL) for Rs. 13.5 crore to TVS Automobile Solutions Private Ltd. (TASL).
As per a regulatory filing, MFCS and ADPL are no longer the subsidiaries of MHL. TASL now holds 100% of the paid-up equity share capital of MFCS.
TVS Automobile Solutions operates India’s largest independent workshop brand under the myTVS name. The company has a strong network in the South. The acquisition of MFCS is expected to make TASL a stronger pan-India player.
M&M sells Mahindra First Choice Services for ₹21.5 cr to TVS
February 25, 2021
×
Mahindra Holdings Ltd, a wholly owned subsidiary of Mahindra & Mahindra, on Thursday said that it has sold its entire stake in Mahindra First Choice Services (MFCS) for ₹21.5 crore, as well as its entire stake in MFCS’ subsidiary, Auto Digitech Private Limited, for ₹13.5 crore, to TVS Automobile Solutions Private Limited.
MFCS is involved in the business of servicing multi-brand car and two-wheelers.
Mahindra Holdings had on November 26, 2020, agreed to sell its entire stake aggregating 100 per cent of the paid-up equity share capital in MFCS, as well as its entire stake aggregating 100 per cent of optionally convertible redeemable preference shares in ADPL to Chennai-based TVS Automobile Solutions Private Ltd.
Mahindra Holdings, a wholly-owned subsidiary of Mahindra and Mahindra has concluded the sale of its 100 per cent stake in Mahindra First Choice Services (MFCS) to TVS Automobile Solutions, the company said in a stock exchange notification. It has sold the residual stake in the services arm of the used car business for a consideration of Rs 21.5 crore. It has also sold its entire stake aggregating 100 per cent of optionally convertible redeemable preference shares in Auto Digitech, a wholly-owned subsidiary of Mahindra Holdings for a cash consideration of Rs 13.5 crore to TVS. As a result, MFCS and Auto Digitech have ceased to be subsidiaries of Mahindra Holding and of the company with effect from 25 February 2021, it said.
Mahindra & Mahindra announced that its wholly owned subsidiary, Mahindra Holdings has concluded the sale of its 100% stake in Mahindra First Choice Services for a consideration of Rs 21.5 crore and its entire stake aggregating 100%
of Optionally Convertible Redeemable Preference Shares in Auto Digitech, wholly owned subsidiary of Mahindra Holdings for a cash consideration of Rs 13.5 crore to TVS Automobile Solutions.
Consequently, Mahindra First Choice Services and Auto Digitech have ceased to be subsidiaries of Mahindra Holding and of the company with effect from 25 February 2021.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)