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M&M transfers Naval Systems Business to subsidiary

Mahindra & Mahindra Ltd had entered into a business transfer agreement to transfer the company's Naval Systems Business forming part of the company's Mahindra Defence Systems Division together with congeries of rights of the company in such business to Mahindra Defence Naval Systems Private Limited, a wholly owned subsidiary of the company with effect from June 1, 2012 for a consideration based on the Net Asset Value of the assets being transferred as on May 31, 2012.

The Mahindra & Mahindra Ltd stock was trading at Rs.656.70, up by Rs.7.60 or 1.17%. The stock hit an intraday high of Rs.658.35 and low of Rs.650.25.

The total traded quantity was 0.29 lakhs compared to 2 week average of 1.38 lakhs.

Source: Equity Bulls

Posted On: 2012-06-05 01:09:51

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