Three M&M cos may be listed
Mahindra & Mahindra group, with over 20 companies, is about to take Mahindra British Telecom, Mahindra & Mahindra Financial Services and Mahindra Automotive Steels public.
By Agencies |
NEW DELHI: Mahindra & Mahindra group, with over 20 companies, is about to take Mahindra British Telecom, Mahindra & Mahindra Financial Services and Mahindra Automotive Steels public.
The listed entities are the group's flagship company Mahindra & Mahindra which is into automotive and farm equipment and the group's leading infrastructure company Mahindra Gesco.
"The flagship companies of information technology, trade and financial services and automotive components will be listed," Mahindra said.
The timing of the initial public offers would depend on factors like the capital required by the company concerned and the stock market position, he added. Since these are unlisted entities, their financials are not in the public domain.
Few closed sources said Mahindra Automotive Steels, which recently acquired Amforge, an auto component maker, would be the first off the block to get itself listed with the bourses. It would be followed by Mahindra British Telecom and Mahindra & Mahindra Financial Services.
As a part of the scheme of amalgamation between the companies, Mahindra Automotive will issue one equity share of Rs 10 for every one Amforge share of Rs 10.
The listed entities are the group's flagship company Mahindra & Mahindra which is into automotive and farm equipment and the group's leading infrastructure company Mahindra Gesco.
"The flagship companies of information technology, trade and financial services and automotive components will be listed," Mahindra said.
The timing of the initial public offers would depend on factors like the capital required by the company concerned and the stock market position, he added. Since these are unlisted entities, their financials are not in the public domain.
Few closed sources said Mahindra Automotive Steels, which recently acquired Amforge, an auto component maker, would be the first off the block to get itself listed with the bourses. It would be followed by Mahindra British Telecom and Mahindra & Mahindra Financial Services.
As a part of the scheme of amalgamation between the companies, Mahindra Automotive will issue one equity share of Rs 10 for every one Amforge share of Rs 10.
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Also, one 4 per cent non-cumulative, redeemable, non-convertible preference share of Mahindra Automotive of Rs 31 will be issued for every one equity share of Amforge of Rs 10 each fully paid up.
Therefore, Mahindra Automotive has to be listed immediately.
In the trade and financial services sector, the group's outfits are Mahindra Intertrade, Mahindra Steel Service Center, Mahindra & Mahindra Financial Services.
Anand Mahindra, vice-chairman and managing director of Mahindra & Mahindra said, "As a policy, the Mahindra group wants its flagship in every sector to be listed."
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