FINWIRES · TerminalLIVE
FINWIRES

Mahindra & Mahindra to Sell Truck & Bus Business to SML Mahindra for INR5.25 Billion

By

Mahindra & Mahindra (NSE:M&M, BOM:500520) approved the transfer of its truck and bus division to subsidiary SML Mahindra (NSE:SMLMAH, BOM:505192) for 5.25 billion Indian on a slump sale basis.

The transaction will involve the transfer of the business undertaking, including employees, assets, intellectual property, contracts, licenses and liabilities, under a business transfer agreement expected to be executed by Aug. 7, according to an Indian bourse filing on Wednesday.

The proposed sale is expected to be completed by Jan. 31, 2027.

SML Mahindra jumped over 20% in after-market hours while Mahindra & Mahindra fell nearly 2%.

Related Articles

Asia

Jinhui Signs Sale-and-Leaseback Deals for Two Bulk Carriers

Jinhui (HKG:0137) has entered into sale-and-leaseback arrangements for two bulk carriers under construction, according to a Tuesday Hong Kong bourse filing.The company will sell each vessel to a unit of ICBC Financial Leasing for up to $18 million and lease them back under separate five-year bareboat charter agreements.The vessels, each with a deadweight of about 64,500 metric tonnes, are expected to be delivered in February and March 2028.

HKG:0137
Asia

BOE Technology Controlling Shareholder to Boost Ownership

BOE Technology (SHE:000725) said its controlling shareholder, Beijing Electronics, plans to purchase company shares worth 500 million yuan to 1 billion yuan over the next six months, according to a Wednesday filing with the Shenzhen bourse.

SHE:000725
Asia

CapitaLand India Trust Spends 30% of Private Placement Proceeds

CapitaLand India Trust (SGX:CY6U) has used SG$45.6 million, representing 30.4% of the gross proceeds of the private placement conducted earlier this year, according to a Wednesday filing to the Singapore stock exchange.Of the SG$100 million earmarked to part fund the ongoing development and construction as part of its acquisition of Building 1 of Ebisu in Bangalore, India, the manager used SG$37.3 million.The company also used SG$5.7 million of the SG$47.4 million allotted to part fund the ongoing development and construction of and acquisition of an office project in Bangalore from Maia Estates Offices.It also used SG$2.6 million to pay all the fees and expenses tied to the private placement.The company's shares were up nearly 2% in recent trade.

SGX:CY6U