The share price of Mahindra & Mahindra Financial Services Limited crashed by more than 14 per cent on Friday a day after the Reserve Bank of India (RBI) barred it from using third-party recovery agents.
Mahindra & Mahindra announced that its wholly owned subsidiary, Mahindra Holdings has concluded the sale of its 100% stake in Mahindra First Choice Services for a consideration of Rs 21.5 crore and its entire stake aggregating 100%
of Optionally Convertible Redeemable Preference Shares in Auto Digitech, wholly owned subsidiary of Mahindra Holdings for a cash consideration of Rs 13.5 crore to TVS Automobile Solutions.
Consequently, Mahindra First Choice Services and Auto Digitech have ceased to be subsidiaries of Mahindra Holding and of the company with effect from 25 February 2021.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)