Mahindra & Mahindra to take full ownership of MITRA Equipments
Mahindra & Mahindra has taken full ownership of M.I.T.R.A Equipments (MITRA), an Indian manufacturer of agricultural sprayer at a proportionate enterprise value of INR 40 crores.
In this connection, Mahindra & Mahindra, which currently holds a stake of 47.3% in MITRA Equipments, will acquire 1,38,589 equity shares priced at INR 10 each.
According to the Indian automotive manufacturer, 1,29,619 shares will be purchased from other existing shareholders of MITRA Equipments. The former will buy 8,970 equity shares from prospective holders being ESOP Holders after exercising stock options.
Founded in 2012, MITRA Equipments is engaged in manufacturing, assembling, designing, developing, and selling rotavators, agricultural sprayers, spare parts, and after sales services.
Some of the key products of the company include sprayers for citrus, grapes, pomegranate, and mango. The company, which has a turnover of INR 47.8 crores in FY22, has a footprint across Maharashtra, Karnataka, Gujarat, and Andhra Pradesh.
Mahindra & Mahindra said that the acquisition of the remaining stake in MITRA Equipments will support the growth of its farm equipment sector in the horticulture equipment sector.