We would like to inform that Mahindra Holdings Limited
('MHL') a wholly owned subsidiary of the Company, has today agreed to sell its entire stake
aggregating 100% of the paid-up Equity Share Capital in Mahindra First Choice Services Limited
('MFCS') and its entire stake aggregating 100% of Optionally Convertible Redeemable Preference
Shares in Auto Digitech Private Limited ('ADPL'), wholly owned subsidiary of MFCS, to TVS
Automobile Solutions Private Limited ('TASL').
Following the sale, MHL's shareholding in MFCS and ADPL would come down to Nil, and MFCS
and ADPL would cease to be the subsidiaries of MHL and consequently of the Company.
The details for sale of subsidiaries, i.e., MFCS and ADPL as required under SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No.
CIR/CFD/CMD/4/2015 dated 9th September, 2015 are given in Annexures A1 & A2 respectively
to this letter.
Please also find enclosed a Press Release issued in this regard.