M&M's Canada-based associate firm winds up
The company is entitled to receive approximately 4.7 million Canadian Dollars as distribution of proceeds towards Class C Preferred Shares held by the company.
Mahindra & Mahindra on Thursday said its Canada-based associate firm Resson Aerospace Corporation has ceased to exist.
The Mumbai-based automaker held 11.18 per cent stake in the firm which had filed for a voluntary winding-up.
"Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company," Mahindra & Mahindra (M&M) said in a regulatory filing.
Honor 90 Price In India: Instant Rs 3,000 discount, 12 months no-cost EMIs and much more - Check details
Animal vs Sam Bahadur Box Office Collection: Animal set to enter Rs 500 crore club, beat Sam Baadur on Day 5 | Check day-wise collection, OTT release date and more
Ayodhya Airport Update: Jyotiraditya Scindia meets AAI officials after inspecting Maryada Purushottam Shri Ram International Airport
Consequent to this, Resson has ceased to be in existence and has also ceased to be an associate of the company with effect from September 20, 2023, it added.
"Upon liquidation of Resson, the company is entitled to receive approximately 4.7 million Canadian Dollars (equivalent to Rs 28.7 crore) as distribution of proceeds towards Class C Preferred Shares held by the company," M&M said.
Shares of M&M were trading 1.93 per cent down at Rs 1,602.55 apiece on the BSE.