MAHINDRA & MAHINDRA LIMITED 29 3. Nature of Business of the Related Party MFUSA is a joint venture between DLL Group, a global provider of financial solutions and a wholly owned subsidiary of the Rabobank Group and MMFSL, a subsidiary of the Company. MFUSA delivers comprehensive financing solutions to both MUSA’s dealers and end customers. Dealers are supported through inventory (floorplan) financing arrangements, while end customers are offered competitive, structured, and efficient financing options designed to address their specific requirements. DLL and MMFSL collectively bring over 60 years of experience in financial services and equipment financing. A(2) Relationship and ownership of the related party 1. Relationship between the listed entity/subsidiary (in case of transaction involving the subsidiary) and the related party – including nature of its concern (financial or otherwise) and the following: • Shareholding of the listed entity/ subsidiary (in case of transaction involving the subsidiary), whether direct or indirect, in the related party. • Where the related party is a partnership firm or a sole proprietorship concern or a body corporate without share capital, then capital contribution, if any, made by the listed entity/ subsidiary (in case of transaction involving the subsidiary). • Shareholding of the related party, whether direct or indirect, in the listed entity/ subsidiary (in case of transaction involving the subsidiary). MUSA is a wholly owned subsidiary of the Company. MFUSA is an Associate of MMFSL, a subsidiary of the Company. The Company (Mahindra & Mahindra Limited) is not a party to the proposed transactions. The Company holds 52.51% of Equity Share Capital of MMFSL as on 5th May 2026 which in turn holds 49.00% of Equity Share Capital in MFUSA. MUSA., a wholly owned subsidiary of the Company, does not hold any shares directly or indirectly in MFUSA, an Associate of MMFSL. A(3) Details of previous transactions with the Related Party 1. Total amount of all the transactions undertaken by the Listed Entity or Subsidiary with the related party during the last two financial years. Details of transaction undertaken between MUSA and MFUSA Sr. No. Nature of transactions FY25 FY26 in USD Millions Rs. in crore in USD Millions Rs. in crore 1. Invoice Discounting 347.04 2,932.96 349.52 3,093.49 2. Wholesale Finance Cost 14.42 121.87 13.17 116.56 3. Retail Finance Cost 57.39 485.02 47.46 420.05 Total 418.85 3,539.85 410.15 3630.10 Exchange rate (USD to INR conversion rate) 84.51 88.51 2. Total amount of all the transactions undertaken by the listed entity or subsidiary with the related party in the current financial year up to the quarter immediately preceding the quarter in which the approval is sought. Not Applicable, since the details up to immediately preceding quarter and FY ended 31st March 2026 are already provided in point no. 1 above. 3. Any default, if any, made by a related party concerning any obligation undertaken by it under a transaction or arrangement entered into with the subsidiary during the last financial year. Nil. A(4) Amount of proposed transaction(s) 1. Amount of the proposed transactions being placed for approval in the meeting of the shareholders. Rs. 6,000 crore 2. Whether the proposed transactions taken together with the transactions undertaken with the related party during the current financial year would render the proposed transaction a material RPT? Yes
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