Mahindra & Mahindra has issued a call option notice to stockholders to complete its deal to acquire MITRA. The deal is expected to support Mahindra & Mahindra’s farm equipment sector’s expansion in the horticulture equipment sector.
On Wednesday, Mahindra & Mahindra notified the BSE that it had given a call option notice to MITRA shareholders to acquire 1,29,619 equity shares of 10 apiece.
In addition, the firm has issued a notice to potential shareholders for the acquisition of 8,970 equity shares at a price of $10 each.
After purchasing 1,38,589 shares, Mahindra & Mahindra would acquire 52.67 percent of MITRA, making it a completely owned subsidiary of the firm. The firm now owns 47.33 percent of the company.
Mahindra & Mahindra indicated that acquiring MITRA’s remaining share is expected to help the company’s agricultural equipment business grow in the horticultural equipment industry.