Key Approval Details

Mahindra & Mahindra Limited approved on 6th November 2026 at 02:09 p.m. investment in the rights issue of SML Mahindra Limited, its listed subsidiary. The approval covers:

  • Subscription to the full extent of rights entitlement aggregating approximately Rs. 855 crore
  • Subscription to additional equity shares and/or any unsubscribed portion beyond entitlement aggregating approximately Rs. 595 crore

Total aggregate investment shall not exceed Rs. 1,450 crore.

Target Entity Information

SML Mahindra Limited is a listed subsidiary with:

  • Well-recognized brands and strong heritage in Trucks & Buses segment
  • Pan-India presence with market leading position in ILCV (Intermediate and Light Commercial Vehicles) Buses segment
  • Date of Incorporation: 26th July 1983
  • International presence: Exports to Bangladesh, Nepal, Bhutan, Ghana, and Dubai

Financial Performance (Last 3 Years)

| Financial Year | Revenue from Operations (Rs. crore) |

| FY 2025-26 | 2,837.92 |

| FY 2024-25 | 2,398.99 |

| FY 2023-24 | 2,195.93 |

Net worth as of 31st March 2026: Rs. 519.34 crore

Transaction Details

  • Industry: Commercial Vehicles Industry
  • Consideration: Cash
  • Price: To be determined by SML and specified in the rights issue offer document
  • Shareholding Impact: Number of equity shares and percentage shareholding to be determined upon allotment. No change in control of SML envisaged.
  • Timeline: Equity shares will be allotted by SML in accordance with issue schedule determined by SML and regulatory requirements

Regulatory Aspects

  • Does not constitute a related party transaction under SEBI Listing Regulations, 2015
  • No governmental or regulatory approvals required
  • None of the Promoter, Promoter Group or Group companies have any interest in SML except for their respective shareholding

Compliance Reference

Filed under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026 dated 30th January 2026

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