Mahindra & Mahindra Limited’s shares were down by 3.16 per cent after the company announced the winding-up of Resson Aerospace Corporation, Canada. The company held 11.18 per cent stake in Resson through Class C preferred shares.
Resson has received a certificate of dissolution dated September 20, 2023, from Corporations Canada. It has ceased to exist and is no longer an associate of Mahindra & Mahindra under the Indian Accounting Standards (IndAS). Upon the liquidation of Resson, Mahindra & Mahindra is set to receive approximately 4.7 million Canadian dollars, equivalent to Rs 28.7 crore, in lieu of its shareholding.
The shares were down by 3.16 per cent to Rs 1,582.40 at 12.58 pm on the BSE.