STATUTORY REPORTS | Board’s Report 103 Rights Issue of Mahindra Lifespace Developers Limited (‘MLDL’) During the year under review, Mahindra Lifespace Developers Limited (‘MLDL’), a listed subsidiary of the Company, raised funds by way of a Rights Issue in accordance with the applicable provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable laws. The Rights Issue comprised an offer and issuance of fully paid-up equity shares of Rs. 10 each of MLDL to its eligible equity shareholders as on the record date. The key terms of the Rights Issue included the issuance of 5,82,20,901 fully paid-up equity shares of face value of Rs. 10 each, at a price of Rs. 257 per equity share (including a premium of Rs. 247 per equity share), aggregating up to Rs. 1,496.28 crore, with the entire issue price payable at the time of application. The Rights Entitlement ratio was 3 equity shares for every 8 equity shares held by the eligible shareholders of MLDL as on the record date. The net proceeds of the Rights Issue were utilised towards repayment and/or reduction of existing debt, supporting MLDL’s future growth plans, and for general corporate purposes. The Board of Directors of the Company had approved participation in the Rights Issue of MLDL, including subscribing to its full Rights Entitlement and any additional shares, including any unsubscribed portion of the issue, in accordance with applicable laws. The Rights Issue was successfully closed on 17th June 2025, pursuant to which MLDL raised an aggregate amount of Rs. 1,494.54 crore. MLDL allotted 5,81,53,156 fully paid-up equity shares of face value of Rs. 10 each on 18th June 2025. The Company subscribed to equity shares of MLDL offered on Rights basis and was allotted 3,24,86,158 equity shares by MLDL. Consequently, the Company’s shareholding in MLDL increased from 51.14% (pre-issue) to 52.43% (post-issue). The Company’s shareholding in MLDL stood at 52.41% as at 31st March 2026. Rights Issue of Mahindra Logistics Limited (‘MLL’) During the year under review, Mahindra Logistics Limited (‘MLL’), a listed subsidiary of the Company, raised funds by way of a Rights Issue in accordance with applicable laws. The Rights Issue comprised an offer and issuance of fully paid-up equity shares of Rs. 10 each of MLL to its eligible equity shareholders as on the record date. The key terms of the Rights Issue included the issuance of 2,70,49,301 fully paid-up equity shares of face value of Rs. 10 each, at a price of Rs. 277 per equity share (including a premium of Rs. 267 per equity share), aggregating up to Rs. 749.27 crore, with the entire issue price payable at the time of application. The Rights Entitlement ratio was 3 equity shares for every 8 equity shares held by the eligible shareholders of MLL as on the record date. The net proceeds of the Rights Issue were utilised towards repayment and/or prepayment, in full or in part, of certain borrowings of MLL and its certain subsidiaries, and for general corporate purposes. The Board of Directors of the Company had approved participation in the Rights Issue of MLL, including subscribing to its full Rights Entitlement and any additional shares, including any unsubscribed portion of the issue, in accordance with applicable laws. The Rights Issue was successfully closed on 14th August 2025, pursuant to which MLL raised an aggregate amount of Rs. 749.27 crore and allotted 2,70,49,301 fully paid-up equity shares of face value of Rs. 10 each on 18th August 2025. The Company had subscribed to equity shares of MLL offered on Rights basis, and were allotted 1,73,00,670 equity shares by MLL. Consequently, the Company’s shareholding in MLL increased from 57.97% (pre-issue) to 59.60% (post-issue). The Company’s shareholding in MLL stood at 59.58% as of 31st March 2026. Rights Issue of Mahindra Susten Private Limited During the year under review, the Board of Directors of Mahindra Susten Private Limited (‘MSPL’), a subsidiary of Mahindra Holdings Limited (‘MHL’), which is a wholly owned subsidiary of the Company has approved the offer and issuance of up to 29,79,50,001 Equity Shares at Rs. 60.40 per share (comprising of Face Value of Rs. 10 per share and Premium of Rs. 50.40 per share) for cash, aggregating to Rs. 17,99,61,80,060.40 to the existing Equity Shareholders of MSPL on a rights basis, in one or more tranches. Accordingly, MHL subscribed to the Equity Shares of MSPL to the full extent of its Rights Entitlement and continues to hold 60.01% of the paid equity share capital of MSPL.
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