Please refer to the enclosed file.
M&M · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mahindra & Mahindra received intimation from its subsidiary MEAL (Mahindra Electric Automobile Limited) about the conversion of CCPS held by three investors into equity shares. BII India converted 1.05 crore CCPS into ~12.11 crore equity shares, BII Plc converted 80 lakh CCPS into ~9.23 crore equity shares, and Temasek converted 1.2 crore Series A CCPS into ~13.84 crore equity shares. The conversion was done at a valuation of Rs. 40,425 crore. As a result, M&M's shareholding in MEAL got diluted from 99.99% to 92.45%, though MEAL remains a subsidiary. This follows prior investments by these investors in MEAL starting from July 2022.
M&M remains in majority control of MEAL, but the dilution from near-total ownership to 92.45% signals fresh capital was brought in by institutional investors at a substantial valuation, reflecting confidence in the EV subsidiary's growth plans.