MAHINDRA & MAHINDRA LTD. - 500520 - Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Sale Of Residual Stake Held By The Company In Sanyo Special Steel Manufacturing India Private Limited (Formerly Known As Mahindra Sanyo Special Steel Private Limited) ('SSSMIPL') Pursuant To Exercise Of A Put Option And Cessation Of SSSMIPL As An Associate Of The Company
This has reference to our letter dated 16th April, 2022 read with letter dated 24th April, 2023, intimating that the Company had agreed to sell its entire 22.81% Stake in Sanyo Special Steel Manufacturing India Private Limited (Formerly known as Mahindra Sanyo Special Steel Private Limited) ('SSSMIPL') comprising of 34,75,264 Equity Shares of Rs.10 each to Sanyo Special Steel Co., Ltd ('Sanyo') at a price of Rs.455 per Equity Share pursuant to exercise of a Put Option available to the Company on Sanyo under the Shareholders' Agreement and in accordance with the Share Purchase Agreement. In this connection, we would like to inform you that the Company has today completed the above sale & accordingly the shareholding of the Company in SSSMIPL has become 'Nil' and SSSMIPL has today ceased to be an Associate of the Company.27-04-2023