PTI
New Delhi
M&M on Thursday completed $25 million acquisition of 33 percent stake in Mitsubishi Agricultural Machinery Co, which has been renamed as Mitsubishi Mahindra Agricultural Machinery Co. Mahindra & Mahindra, which had announced the acquisition in May this year, said in a statement that the two companies entered into a capital tie-up through a third party allocation of new shares.
As a result of the capital infusion, Mitsubishi Heavy Industries now owns 66.7 percent and M&M 33.3 percent in Mitsubishi Agricultural Machinery (MAM). Starting from October 1, 2015 the name of the company (MAM) has been changed to Mitsubishi Mahindra Agricultural Machinery Co, it said, adding a new organisational structure has also been announced.
Under the new structure, Katsumi Tottori, former President of MAM, has been appointed as CEO of the new entity, while Sudhir Jaiswal, ex-VP Commercial Business and Planning, International Operations of M&M, will be the CFO. It further said Takahiro Hisano, former VP and General Manager of Development and Design at MAM, will be the CTO and Senior Vice-President, it added.
On October 01, 2015, Mahindra and Mahindra closed at Rs 1255.15, down Rs 5.55, or 0.44 percent. The 52-week high of the share was Rs 1441.45 and the 52-week low was Rs 1095.00. The company's trailing 12-month (TTM) EPS was at Rs 53.00 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 23.68. The latest book value of the company is Rs 310.09 per share. At current value, the price-to-book value of the company is 4.05.
