M&M merges trucks and buses division with itself
01 Apr 2014
The trucks and buses division was first demerged from Mahindra Trucks and Buses Ltd and then merged with M&M under a scheme of arrangement effective 30 March 2014, M&M said in a filing with the BSE today.
The trucks and buses vertical was first demerged from MTBL in August 2013.
The Bombay High Court had, on 7 March, approved the scheme of arrangement between M&M and MTBL.
As per the approved scheme, all assets and liabilities of MTBL have been transferred to M&M.
MTBL had accumulated losses of Rs920 crore till FY'13, which will be transferred to M&M account.
M&M shares rose by Rs15.95 (1.63 per cent) on the Bombay Stock Exchange (BSE) and was trading at Rs996.60 at 3.25 pm today.