Acquisition of Steer Hybren Private Limited
Mahindra & Mahindra Limited (M&M) announced on November 29, 2024, the incorporation of Steer Hybren Private Limited (Steer Hybren) as a step-down subsidiary. The entity is now a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL), which is itself a subsidiary of Mahindra Holdings Limited (MHL), a wholly-owned subsidiary of M&M.
Acquisition Details
- Ownership: MSPL acquired 100% of Steer Hybren’s equity share capital.
- Investment Amount: The acquisition involved a cash consideration of ₹15,00,000. MSPL subscribed to 1,50,000 equity shares, each with a face value of ₹10.
- Share Capital: Steer Hybren’s authorized and paid-up share capital is ₹15,00,000, comprising 1,50,000 equity shares at ₹10 each.
- Transaction Nature: The acquisition is not a Related Party Transaction for M&M.
- Turnover Status: As Steer Hybren has only recently been incorporated, it does not yet have a turnover.
Purpose of the Acquisition
Steer Hybren will focus on advancing the renewable energy sector in India, with planned activities including:
- Power production and electricity generation.
- Acting as an Independent Power Producer (IPP).
- Offering distributed energy solutions, such as rooftop solar installations for diverse customer segments.
- Leveraging renewable energy sources combined with energy storage systems.
Regulatory Approvals
- No governmental or regulatory approvals were required for this acquisition.
Source of Information
This announcement was communicated through a letter from M&M to the National Stock Exchange of India Limited (NSE) and BSE Limited. The letter, dated November 30, 2024, was signed by Narayan Shankar, Company Secretary of M&M.