In February this year, Mahindra and Mahindra introduced that its wholly owned arm Mahindra Renewables would promote its whole stake in three subsidiaries to CLP India, part of Hong-Kong based CLP group, for practically Rs. 340/- crores.
On Friday, September 11, M & M announced that the share purchase agreement with CLP India stands terminated. The agreement was that the CLP will buy 93,15,000 equity shares of Rs 10 each of NSPL at a price of Rs. 112.37/- per share aggregating to Rs. 104.67/- crores. Due to the coronavirus pandemic, the closure of the transaction was extended from 31st May to September. Nothing was mentioned about the two transactions in the filing.
In the regulatory submitting, M & M mentioned that “Provided that the closing has not occurred inside the agreed timeframes, the share buy settlement which was entered into on the market of 93,15,000 fairness shares of Rs. 10 every of NSPL held by MRPL to CLP India stands terminated on 10th September 2020.”