Mahindra First Choice Wheels Limited ("MFCWL"), a board controlled subsidiary of Mahindra Holdings Limited ("MHL"), which is, in turn a wholly owned subsidiary of Mahindra & Mahindra Ltd, has today signed a Share Purchase Agreement for acquiring up to 100% of the paid up equity share capital of Fifth Gear Ventures Limited ("FGVL"), in one or more tranches, for a consideration not exceeding Rs. 30.45 crores to be discharged by MFCWL by way of cash and issue of shares of MFCWL, subject to customary closing adjustments. Upon acquisition of the above stake, FGVL would become a subsidiary of MFCWL and in turn of MHL and of the Company.
Fifth Gear Ventures Limited ("FGVL"), an unlisted public company based in Delhi, is engaged in the business of maintaining and operating the website "www.carandbike.com", an e-commerce market platform that facilitates sale and purchase of new and used vehicles and keeps its users updated with the latest information and reviews from automotive industry.
MFCWL is acquiring FGVL with the objective of expanding its presence in the digital automotive space and seamlessly integrating the online and offline user experience.
Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.568.25 as compared to the previous close of Rs. 567.4. The total number of shares traded during the day was 132767 in over 2342 trades.
The stock hit an intraday high of Rs. 574.05 and intraday low of 565.45. The net turnover during the day was Rs. 75688030.