STATUTORY REPORTS | Board’s Report 105 inter alia, agreed to subscribe to equity shares representing 26% of the post-issue Share Capital of Gelos, in one or more tranches, consequent to which, MSPL’s post allotment shareholding in Gelos will be diluted to 74% from 100%. MSPL is a subsidiary of Mahindra Holdings Limited, which is a wholly owned subsidiary of the Company. Further, in terms of the above SSSHA, during the year under review, the Company has subscribed to the preferential allotment of equity shares of Gelos, consequent to which, the Company holds 26% of the paid-up equity share capital of Gelos. Mahindra Racing UK Limited During the year, Mahindra Overseas Investment Company (Mauritius) Limited (‘MOICML’), a wholly owned subsidiary of the Company acquired the entire stake of Mahindra Racing UK Limited (‘MRUK’), a wholly owned subsidiary of MOICML from Tech Mahindra London Limited, a wholly owned subsidiary of Tech Mahindra Limited which is a listed Associate of the Company. MRUK is based out of Banbury, UK and participates in Formula Electric World Championships which are held across the globe annually. Divestment of stake in RBL Bank Limited (‘RBL’) As mentioned in the Annual Report of FY24, the Company had acquired 2,11,43,000 equity shares of RBL constituting 3.53% of the equity share capital of RBL, for a consideration of Rs. 417 crore. During the year under review, your Company sold its entire stake in RBL for a consideration of Rs. 678 crore, representing a 62.5% gain on the investment. Divestment of stake in Sampo Rosenlew Oy During the year, the Company sold its entire stake in Sampo Rosenlew Oy (‘SAMPO’) based in Finland, to Tera Yatirim Teknoloji Holding Anonim Sirketi (TERA), for a consideration of EUR 5 million. Consequent to this, SAMPO ceased to be a wholly owned subsidiary of the Company. This divestiture aligns with the Company’s focus on opportunities that best position the Company for long- term success. SAMPO has contributed meaningfully to the Company and some of the technologies developed by SAMPO have been instrumental in building the Company’s farm machinery capabilities. By transitioning its ownership of SAMPO to a new owner, the Company believes that it will enable SAMPO to pursue new pathways for innovation and growth building on its rich heritage and understanding of the Finnish market. Mitsubishi Agricultural Machinery Company Limited During the year, Mitsubishi Agricultural Machinery Company Limited (‘MAM’) based in Japan, which is an Associate of the Company, announced that MAM along with its subsidiaries, will withdraw from the agricultural machinery business. Further, MAM also announced that the business which supplies spare parts for MAM’s products and product warranty services, would continue to operate (‘Continuing Business’). With respect to businesses other than the Continuing Business, MAM plans to dissolve and proceed with liquidation procedures in accordance with applicable laws. MAM has continued to incur losses despite multiple structural measures aimed at restoring profitability. After detailed assessment of the business’ long-term viability and financial sustainability, MAM has determined that sustaining the business in a stable manner going forward would be challenging. Post completion of the liquidation procedures, the Company would not have to continue funding these losses. Divestment of stake in CIE Automotive S.A. (‘CIE Spain’) During the year, Mahindra Overseas Investment Company (Mauritius) Limited (‘MOICML’), a wholly owned subsidiary of the Company, has sold part of its stake representing 3.58% of outstanding shares of CIE Spain for a total consideration of EUR 119 million. Following the completion of the sale, MOICML continues to hold 3.58% of outstanding shares of CIE Spain. Divestment of stake in Blue Planet Integrated Waste Solutions Private Limited During the year, the Company exercised the Put Option under the Share Purchase Agreement and Shareholders Agreement dated 13th September 2022 entered into by the Company with Blue Planet Environmental Solutions Pte. Ltd. (‘BPES’) for the sale of its remaining 20% stake in Blue Planet Integrated Waste Solutions Private Limited (‘BPIWSPL’) (formerly known as Blue Planet Integrated Waste Solutions Limited and previously known as Mahindra Waste to Energy Solutions Limited). Accordingly, your Company sold the remaining 60,00,000 equity shares of Rs. 10 each in BPIWSPL, constituting 20% stake in BPIWSPL to Blue Planet Environmental Solutions India Private Limited, an affiliate of BPES on 2nd March 2026. Post this sale, the Company no longer holds any equity interest in BPIWSPL.
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