Mahindra & Mahindra (M&M) on May 30 announced the sale of its 2.76 percent stake in TVS Automobile Solutions Private Limited (TASL).
Following the sale, the company’s holding in TASL would become nil. The sale is expected to be completed by June 22. M&M would receive Rs 45 crore from the deal.
"DRSR Advisory Services LLP (“DRSR”) has pursuant to exercise of a Call Option available to DRSR under the Option Agreement, served a Call Notice requiring the Company to sell 3,32,195 Equity Shares of Rs. 10 each and 100 Compulsorily Convertible Preference Shares of Rs. 10 each held by the Company in TVS Automobile Solutions Private Limited (‘TASL’) constituting 2.76% of the Paid-up Capital of TASL on a fully diluted basis," the company said in its regulatory filing.
The home-grown farm equipment and utility vehicles major last week posted a consolidated profit-after-tax (PAT) from continuing operations at Rs 1,635 crore for the fourth quarter ended March 31, 2021.
The company had reported a consolidated net loss from continuing operations of Rs 588 crore in the same period of the last fiscal.
The consolidated revenue from operations stood at Rs 21,456 crore during the January-March quarter under review as against Rs 16,315 crore in the corresponding period of the last fiscal, it added.
On a standalone basis, the automaker reported a PAT of Rs 48 crore for the quarter under review. The Mumbai-based firm had reported a net loss of Rs 2,502 crore in the March quarter of FY20.(With inputs from PTI)