Mahindra and Mahindra gets wholly-owned subsidiary in Bangladesh

Mahindra and Mahindra (M&M) informed the exchanges on Wednesday that it has incorporated Mahindra Bangladesh Private Limited as its wholly owned subsidiary.

In the filing, it mentioned - "Mahindra Bangladesh Private Limited ("MBPL") has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh [The Companies Act (Act XVIII) of 1994] as a Private Limited company and as a wholly owned subsidiary of Mahindra & Mahindra Limited ("the Company").” The Date of Incorporation of company is 12th September, 2019.

According to the statement filed by the company in exchanges, the authorized capital of the company will be 50,00,000 ordinary shares of Bangladeshi Taka ("BDT") 100/- per share aggregating to BDT 50,00,00,000. The paid-up capital is 20,001 Ordinary Shares of BDT 100 per share aggregating to BDT 20,00,100 equivalent to Rs. 17.12 Lakhs.

In the regulatory filing, Mahindra & Mahindra mentioned that the company will carry on the businesses of trading, distributing, supplying, storing, exporting, importing, servicing, repairing, manufacturing, developing, assembling, leasing, selling on hire-purchase or installment systems, research & development, of all kinds of passenger, transportation and utility vehicles including but not limited to tankers, tractors, agricultural machinery, multi-utility vehicles, trailers, lorries, trucks, buses, motor cars, motor cycles, three-wheelers or other motor vehicles of all kinds and descriptions.

On Wednesday, shares of Mahindra and Mahindra had opened at Rs.523.30 in BSE as compared to the previous close of Rs. 522.15.The stock hit an intraday high of Rs. 531.25 and intraday low of Rs.518.30. At 13:52pm, the stock was trading at Rs.526.15, up by 0.77 per cent.