M&M Sets Record Date For Stock Option For MEML Shareholders: Check Here

Mahindra Electric Mobility Limited has merged with parent company, Mahindra and Mahindra Ltd (M&M) on 2 February, 2023.

"Board of Directors of the Company Approved Wednesday, 22nd February, 2023 as the Record Date for the purpose of reckoning the names of the Equity Shareholders and holders of Employee Stock Options (“ESOP Holders") of the Transferor Company who shall be entitled to receive equity shares or ESOPs of the Transferee Company, as the case may be, pursuant to and as contemplated in this Scheme," said Mahindra and Mahindra in its regulatory filing.

Mahindra and Mahindra (M&M) will allot 480 ordinary equity shares of face value of ₹5 each for every 10,000 equity shares of MEML of  face value of ₹10 each.

"The Transferee Company shall issue and allot to those Shareholders of the Transferor Company whose names would appear in the Register of Members on the Record Date (other than the Company or subsidiary(ies) of the Company holding shares directly as well as jointly with its nominee shareholders), 480 (Four Hundred Eighty) Ordinary (Equity) Shares of the face value of Rs. 5 each of M&M as fully paid up for every 10,000 (Ten Thousand) Equity Shares of the face value of Rs. 10 each fully paid up held in MEML," said M&M in its filing.

Mahindra and Mahindra on Friday reported a standalone net profit of ₹1,528 crore crore during the third quarter ended December 2022, up 14 per cent as compared to Rs1,335 crore year-on-year (YoY).

The revenue was up 41 percent at ₹21,654 crore from ₹15,349 crore in the year-ago period.

The company's scrip was down by 0.3 per cent at ₹1,368.45 on BSE.