Shares of Mahindra CIE Automotive (earlier known as 'Mahindra Forgings) shot up 20 percent on Monday after the company, on June 20, said its shareholders approved merger of five subsidiaries with itself.
Shares of Mahindra CIE Automotive (earlier known as 'Mahindra Forgings) shot up 20 percent on Monday after the company, on June 20, said its shareholders approved merger of five subsidiaries with itself.
"Public shareholders by voting through postal ballot and e-voting approved the scheme of amalgamation between Mahindra Hinoday Industries (MHIL), Mahindra Ugine Steel Company (MUSCO), Mahindra Gears International (MGIL), Mahindra Investments India (MIIPL) & Participaciones Internacionales Autometal Tres SL (PIA 3) and the company," said the company in its filing.
It further says shareholders also approved the scheme of amalgamation between Mahindra Composites and the company.
Participaciones Internacionales Autometal Dos SL holds 79.09 percent equity stake in Mahindra CIE Automotive and 61.74 percent in Mahindra Composites .
Shares of Mahindra CIE Automotive closed at Rs 143.90, up 19.97 percent while Mahindra Ugine Steel Company rose 20 percent to Rs 359.55 and Mahindra Composites gained 5 percent at Rs 94.55 on the BSE.
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