Mahindra Homes Limited (MHPL), a joint venture company of Mahindra Lifespace Developers and Actis Mahi Holding, has approved the share buyback price. 110 crore, the company informed the exchanges today.
The buyback will be of 37,800 Series B and Series C equity shares 29,129 per equity share aggregate 110.10 crores.
“Series B and Series C equity shares hold pecuniary rights in accordance with the Shareholders Agreement executed between the Company, Actis and MHPL. Series A (without dividends or pecuniary rights), Series B and Series C based on the overall paid-up share capital of MHPL Equity shares of the company are 71.61 per cent and Actis holds 28.89 per cent in MHPL, Mahindra Lifespace said in a statement.
As per the Shareholders’ Agreement, the buyback offer is based on pecuniary interest in the ratio of 50:50 between the Company and Actis, i.e. 18,900 equity shares each of Series B and Series C equity shares.
Mahindra Lifespace and Actis have agreed to participate in the buyback offer and have submitted the acceptance forms for the buyback of their respective full eligibility i.e. 18,900 Series C and B equity shares, each having an aggregate consideration. 55.05 crores each.
The acceptance forms received from both Mahindra Lifespace and Actis have been accepted and confirmed by MHPL.
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