M&M to demerge non-fruits biz

Mahindra & Mahindra today announced a demerger of non-fruit business of its subsidiary Mahindra Shubhlabh Services Ltd (MSSL) into a separate company.

MSSL's non-fruit business consisting of seed, seed potato and crop care products would be demerged into the company and the existing fruit business would be carried on by MSSL. M&M directly or indirectly, holds about 83.05 per cent of the equity of MSSL.

After the demerger,  M&M will issue its one equity share of Rs 5 each for every 190 shares of Rs 10 each.