Mahindra completes merger of trucks, buses division with itself; shares up

0
28

Mahindra & Mahindra (M&M) has completed merger of the trucks and buses vertical of its subsidiary Mahindra Trucks and Buses Ltd (MTBL) with itself for greater synergy with the group business.

The vertical was first demerged from MTBL and then merged with M&M.

In a filing to the BSE on Monday; M&M said the scheme of arrangement has become effective from March 30, 2014.

The Bombay High Court had approved the scheme of arrangement between M&M and MTBL on March 7.

The Mumbai-based firm had last year approved the de-merger of its trucks and buses operations from MTBL into M&M.

As per the approved scheme, all assets and liabilities of MTBL have been transferred to M&M.
MTBL had registered an accumulated loss of Rs. 920 crore till FY13, which will get into M&M account.