“The company has agreed to acquire 14.9 million equity shares aggregating 100 per cent of share capital of Mahindra Two Wheelers Europe Holdings (MTWL-Europe), from Mahindra Two Wheelers Limited, a subsidiary of the company,” M&M said in a filing to the Bombay Stock Exchange.
MTWL-Europe holds investment in a two-wheeler company in Europe which is Peugeot Motorcycle SAS.
The acquisition would result in MTWL becoming a direct subsidiary of M&M and would facilitate better focus on downstream two-wheeler business”, the filing added.
Further, the indicative time period for completion of the transaction is stipulated as 30 days.
Meanwhile, shares of the company were trading at Rs 1376 apiece, up 0.36 per cent from the previous close at 11:30 hours on BSE.