M&M to raise its stake in Meru cabs from 43% to 100%

Mahindra would acquire almost 57% stake in Meru for Rs 97.69 crore. Veteran Pravin Shah, who had superannuated in March 2017, will take over as the CEO of Meru Cabs and its subsidiary companies with effect from 1 May 2021.

By ET Bureau | Updated: May 01, 2021, 07.50 AM IST

Mahindra and Mahindra Ltd (M&M) plans to acquire 100% stake in the ride-hailing firm Meru Cabs, buying the remaining 56.8% shares for Rs 97.69 crore from its investors and promoters, the company said in a regulatory filing late evening Friday.

The buyout of 56.8% shares would include acquisition of 44.14% shares from the private equity investor, True North and other investors for an amount of Rs 76.03 crore and the remaining 12.66% shares from the founders Neeraj Gupta and Farhat Gupta for Rs 21.63 crore.

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