Mahindra & Mahindra (M&M) board approved the merger of three of its subsidiaries - Mahindra Heavy Engines Ltd (MHEL), Mahindra Two Wheelers Ltd (MTWL) and Mahindra Tsubaki Conveyor Systems Ltd (MT CSL) - with the company. Upon the merger becoming effective, no shares of the company will be allotted in lieu or exchange of the holding of the company in the three subsidiaries.