NEW DELHI: Mahindra & Mahindra on Friday stated it has terminated share obtain arrangement with CLP India to promote the overall stake held by its move down arm Mahindra Renewables in Neo Solren Pvt Ltd (NSPL) for Rs 104.sixty seven crore.
In February this year, M&M had introduced that its wholly-owned arm Mahindra Renewables would promote its overall stake in 3 subsidiaries to CLP India, a aspect of Hong Kong-primarily based CLP Group, for nearly Rs 340 crore.
“Presented that the closing has not occurred within the agreed timeframes, the share obtain arrangement which was entered into for sale of ninety three,15,000 fairness shares of Rs ten each of NSPL held by MRPL to CLP India stands terminated on 10th September 2020,” M&M stated in a regulatory submitting.
Mahindra Renewables Pvt Ltd (MRPL) had agreed to promote its overall stake aggregating 100 for every cent of the paid out-up fairness share funds in Cleansolar Renewable Strength Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of MRPL, to CLP India Pvt Ltd (CLP).
As for every the arrangement CLP was to invest in ninety three,15,000 fairness shares of Rs ten each of NSPL at a selling price of Rs 112.37 for every share aggregating to Rs 104.sixty seven crore.
The closure of the transaction, initially predicted to be accomplished by Could 31, 2020, was extended until September in check out of problems because of to the coronavirus pandemic.
The submitting, however, did not point out something about the other two transactions.
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