Mahindra & Mahindra discloses conversion of CCPS in subsidiary MEAL by investors BII and Temasek.
Conversion results in allotment of 351.4 million equity shares at a value of ₹40,425 crore.
Company's stake in MEAL dilutes from 99.99% to 92.45%, but it remains a subsidiary.
Disclosure is made under SEBI LODR Regulations as a material event for investors.