Mahindra acquires UK motorcycle company BSA for Rs 28 crore
Mahindra & Mahindra (M&M) on Friday announced that it had acquired British two-wheeler company BSA Company Ltd (BSA) for 3.4 million pounds (around Rs 28 crore). The company was acquired through its subsidiary Classic Legends Private Limited (CLPL).
“This has reference to our letter dated October 18, 2016, wherein we informed that M&M has subscribed to and has been allotted 60,00,000 equity shares of Rs 10 each of Classic Legends Private Ltd (CLPL), constituting 60% of its equity share capital. In furtherance to the above, we wish to inform you that CLPL, a subsidiary of the Company, has today acquired 100% of the share capital of BSA Company Ltd,” the company said in a statement issued to BSE.
The acquisition of BSA will enable it to use the iconic motorcycles brand name to sell, market and distribute it globally.
CLPL has acquired 1,20,000 shares of BSA at a consideration of GBP 28.33 per share aggregating approximately GBP 3.4 million (around Rs 28 crore).