Mahindra Homes Private approves ₹110.10 crore buyback

BL Mumbai Bureau | Updated on: Dec 24, 2021

Human hand holding money sack in hands vector illustration isolated on plain background. | Photo Credit: pixelfusion3d

The company has approved buyback of 37,800 Series B and Series C equity shares

Mahindra Homes Private Ltd (MHPL), a joint venture company between Mahindra Lifespace Developers Ltd and Actis Mahi Holding (Singapore) Private Limited has approved a buyback of equity shares aggregating ₹110.10 crore.

The company has approved buyback of 37,800 Series B and Series C equity shares at ₹29,129 per equity share aggregating to ₹110.10 crore, Mahindra Lifespaces informed the exchanges on Friday.

The Series B and Series C equity shares carry economic rights as per the Shareholders Agreement (SHA) executed between. Mahindra Lifespaces, Actis and MHPL and are fully held by Actis and the company, respectively, it said.

Basis the overall paid-up share capital of MHPL comprising Series A (carrying no dividend or economic rights), Series B and Series C equity shares, Mahindra Lifespaces holds 71.61 per cent stake in MHPL while and Actis holds 28.89 per cent.

Consequent to buyback Mahindra Lifespaces' stake in MHPL, basis the overall paid-up share capital, has increased from 71.61 per cent to 72.51 per cent.

As per the shareholders agreement, the offer to buyback is basis economic interest in the ratio of 50:50 between Mahindra Lifespaces and Actis i.e. 18,900 equity shares each from Series B and Series C equity shares.

"The Company and Actis have agreed to participate in the buyback offer and have, accordingly, submitted acceptance forms for buyback of their respective full entitlement i.e. 18,900 Series C and B equity shares each held by them respectively at an aggregate consideration of ₹55.05 crore each," Mahindra Lifespaces said.

Published on December 24, 2021
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