Mahindra and Mahindra : Acquisition

Mahindra & Mahindra Ltd.

	Mahindra Towers,
	Dr. G. M. Bhosale Marg, Worli,
	Mumbai 400 018 India
	Tel: [phone]
	Fax: [phone]
REF:NS:SEC:
17th February, 2022
National Stock Exchange of India Limited	BSE Limited
"Exchange Plaza", 5th Floor,	Phiroze Jeejeebhoy Towers,
Plot No.C/1, G Block	Dalal Street, Fort,
Bandra-Kurla Complex	Mumbai 400001.
Bandra (East), Mumbai 400051.
Bourse de Luxembourg	London Stock Exchange Plc
Societe de la Bourse de Luxembourg	10 Paternoster Square
Societe Anonyme/R.C.B. 6222,	London EC4M 7LS.
B.P. 165, L-2011 Luxembourg.

Sub: Intimation of Acquisition - under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

With reference to the captioned subject, we would like to inform you that the Company has today, in exercise of its Call Option under the relevant Shareholders Agreement ("SHA"), has signed a Share Purchase Agreement for acquiring not more than 21,875 Equity Shares of Rs.10 each at a premium of Rs.3,192.23 per Equity Share from the existing shareholders of M.I.T.R.A. Agro Equipments Private Limited ("MITRA"), an Associate of the Company.

The shareholding of the Company in MITRA would stand increased to 47.33% (on a fully diluted basis) from the present 39.02% (on a fully diluted basis) upon completion of the captioned transaction.

The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015 are given in Annexure A to this letter.

This is for your information.

Kindly acknowledge receipt.

Yours faithfully,

For MAHINDRA & MAHINDRA LIMITED

NARAYAN SHANKAR

COMPANY SECRETARY

Encl.: a/a

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India

Tel: [phone]|Fax: [phone]

Email : [e-mail] mahindra.com

CIN No. L65990MH1945PLC004558

Mahindra & Mahindra Ltd.

		Mahindra Towers,
		Dr. G. M. Bhosale Marg, Worli,
		Mumbai 400 018 India
		Tel: [phone]
		Fax: [phone]
		Annexure A
	Acquisition (including agreement to acquire):
Sr.	Details of Events that need to be	Information of such events(s)
No.	provided
a)	name of the target entity, details in brief	M.I.T.R.A. AGRO EQUIPMENTS PRIVATE LIMITED
	such as size, turnover etc.;	("MITRA") is an Indian company, which manufactures
		and sells agricultural sprayers.
		MITRA operates in the fast-growing horticulture sprayers
		segment and is among the leading players in the organized
		segment.
		It had a turnover of Rs.32.9 crores for FY21.
b)	whether the acquisition would fall within	The purchase of upto 21,875 Equity Shares of Rs.10 each of
	related party transaction(s) and whether	MITRA from its existing shareholders would not be a
	the promoter/ promoter group/ group	related party transaction.
	companies have any interest in the entity
	being acquired?	None of the promoter/promoter group / group companies
		of M&M have any interest in the MITRA, except to the
	If yes, nature of interest and details	extent MITRA being an Associate of the Company.
	thereof and whether the same is done at
	"arm's length"
c)	industry to which the entity being	Agricultural machinery
	acquired belongs;
d)	objects and effects of acquisition	The additional Share Purchase in MITRA would support
	(including but not limited to, disclosure	the Company's Farm Equipment Sector's growth in the
	of reasons for acquisition of target entity,	horticulture equipment sector.
	if its business is outside the main line of
	business of the Company);	Post the acquisition of additional equity shares, MITRA
		would continue to remain an Associate of the Company.
		Contd. …2

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India

Tel: [phone]|Fax: [phone]

Email : [e-mail] mahindra.com

CIN No. L65990MH1945PLC004558

Mahindra & Mahindra Ltd.

		Mahindra Towers,
		Dr. G. M. Bhosale Marg, Worli,
		Mumbai 400 018 India
		Tel: [phone]
		Fax: [phone]
		-:2:-
e)	brief details of any governmental or	Not applicable
	regulatory approvals required for the
	acquisition;
f)	indicative time period for completion of	Around March, 2022
	the acquisition;
g)	nature of consideration - whether cash	Cash
	consideration or share swap and details
	of the same
h)	cost of acquisition or the price at which	Not Exceeding Rs.7.005 Crores (upto 21,875 Equity Shares
	the shares are acquired;	of Rs.10 each at a premium of Rs.3,192.23 per Equity Share)
i)	percentage of shareholding / control	The Company currently holds 39.02% of the Share Capital
	acquired and / or number of shares	of MITRA, on a fully diluted basis. The proposed
	acquired;	transaction involves purchase of upto 21,875 Equity Shares
		of Rs.10 each of MITRA from the existing shareholders of
		MITRA which would result in enhancing its shareholding
		to approximately 47.33% of the Share Capital, on a fully
		diluted basis.
j)	brief background about the entity	• Incorporated in 2012, MITRA is engaged in the
	acquired in terms of products/line of	business of manufacturing, assembling, designing,
	business acquired, date of incorporation,	developing, and selling agricultural sprayers,
	history of last 3 years turnover, country in	rotavators & spare parts and after sales services
	which the acquired entity has presence	therefor.
	and any other significant information (in	• Key Products: Sprayers for grapes, citrus, pomegranate
	brief)	and mango
		• Market Presence: India (Maharashtra, Gujarat,
		Karnataka and Andhra Pradesh)
		• Turnover details for last 3 years:
		FY21: Rs.32.9 crores
		FY20: Rs.29.2 crores
		FY19: Rs.22.6 crores

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India

Tel: [phone]|Fax: [phone]

Email : [e-mail] mahindra.com

CIN No. L65990MH1945PLC004558