From 43.20% to 100%Mahindra & Mahindra announced that it has entered into definitive agreements with shareholders of Meru Travel Solutions (Meru) to buy
their respective stakes in Meru.
It would acquire 44.14% shares from Private Equity investor, True North and others for an amount not exceeding Rs. 76.03 crores and 12.66% shares from Neeraj Gupta and Farhat Gupta, for an amount not exceeding Rs. 21.63 crore. With this arrangement, M&M will enhance its current shareholding in Meru from 43.20% to 100%.
Neeraj Gupta, founder CEO and Whole Time Director of Meru and its subsidiary company Meru Mobility Tech and Director of two other Meru subsidiaries - V-Link Automotive Services and V-Link Fleet Solutions will be stepping down effective close of business hours of 30 April 2021. He will continue as an employee until 30 June 2021.
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