Mahindra & Mahindra (M&M) on 16 April 2020 said its renewable energy subsidiary completed sale of its arm Divine Solren to CLP India for Rs 124.47 crore.
Mahindra & Mahindra's (M&M) wholly owned step-down subsidiary, Mahindra Renewables (MRPL), has completed the sale of the entire paid-up equity share capital of 1.20 crore equity shares held by the company in Divine Solren (DSPL) to CLP India, for a total consideration of Rs 124.47 crore.
The transaction was initiated on 21 February 2020 and was expected to be completed by 31 May 2020. On the exchanges, the disclosure was made after trading hours yesterday, 16 April 2020.
On Friday, 21 February 2020, M&M, through its step-down wholly owned subsidiary, MRPL had agreed to sell its entire stake aggregating 100% of the paid-up equity share capital in Cleansolar Renewable Energy (CREPL), Divine Solren (DSPL) and Neo Solren (NSPL), the wholly owned subsidiaries of MRPL, to CLP India. Following the sale, MRPL's shareholding in CREPL, DSPL, NSPL would come down to Nil, and CREPL, DSPL, NSPL will cease to be the subsidiaries of MRPL and consequently of the company.
On a consolidated basis, M&M's net profit slumped 84.74% to 199.94 crore on a 4.45% decrease in net sales to Rs 25,019.86 crore in Q3 December 2019 over Q3 December 2018.
M&M's segments include automotive, farm equipment, financial services, real estate, hospitality and others. Automotive segment comprises of sale of automobiles, spares, mobility solutions and construction equipment. Its farm equipment segment comprises of sale of tractors, implements and spares.
Shares of M&M advanced 2.51% to Rs 365.80 on BSE. The scrip hovered in the range of Rs 363.75 to Rs 375 so far.
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