Few shares of Keshub, Sudha Mahindra in PMSL transferred to family members

Mahindra and Mahindra (M&M) on Wednesday said that after the demise of Keshub Mahindra and Sudha Mahindra, 50 shares of promoter group entity Prudential Management Services Private Ltd (PMSL) which holds 11.38 percent of M&M held by them have been acquired by their family members by way of transmission.

PMSL holds 141,521,940 equity shares aggregating up to 11.38 per cent of the paid-up share capital of M&M and is a member of the promoter group of M&M. Keshub Mahindra and Sudha Mahindra were jointly holding 320 shares constituting 32 per cent of the paid-up share capital of PMSL prior to the transaction. After their demise, according to their wills, 50 shares held by them in PMSL have been acquired by nominees. The acquirers have become a part of the promoter group of M&M consequent to the transmission.

On December 26, Sabrina Galiney (granddaughter of Keshub and Sudha Mahindra) acquired 10 shares (or 1 percent) of PMSL, the company said in an exchange notification.

The transmission disclosed herein involves a change in the shareholding/voting rights of PMSL as a result of the transmission of certain shares of PMSL, and does not pertain to shares of M&M directly. “The said transmission also does not result in any change of control in M&M,” the company said in a regulatory filing.

As such, Kabir Malhotra (grandson of Keshub Mahindra and Sudha Mahindra), Anjali Malhotra (granddaughter), Justin Galiney (grandson), Sabrina Galiney (granddaughter), Rinku Varde (niece-in-law), Chetan Varde (nephew) have acquired the above-mentioned 50 shares. Justin, Sabrina, Rinku and Chetan are non-resident individuals. The shares have thus been transferred on a non-repatriable basis, which does not allow moving financial securities to the country of residence from any other country.

Since Chetan Varde does not have a sole Demat account as of now, hence, Leena Labroo shall hold shares of PMSL in trust for Chetan Varde till these shares are transmitted to him as he does not have a Sole Demat account.