The company currently holds 26 percent of the equity share capital of Mitra.
Mahindra & Mahindra on 11th March said it's signed a share purchase contract to buy additional 34,249 equity shares of MITRA Agro Equipments Pvt Ltd, an associate of the corporate, from its existing shareholders.
The company currently holds 26 percent of the equity share capital of Mitra, and after the completion of the above transaction, it'll hold around 39 percent of the equity share capital of Mitra on a completely diluted basis, Mahindra & Mahindra said in a very filing to the BSE.
The purchase of additional equity shares in MITRA Agro Equipments Pvt Ltd would support the company's farm equipment business within the horticulture sector, it added.
After the acquisition of equity shares, Mitra would still remain an associate of the company, Mahindra & Mahindra said.
The purchase at which these shares are acquired is around Rs 7 crore in cash, it added.
The indicative period of time for completion of the acquisition is by the top of March 2020, the corporate said.