Mahindra & Mahindra Ltd (M&M) today announced that it has entered into definitive agreements with shareholders of Meru Travel Solutions Pvt Ltd (Meru) to purchase their respective bets in Meru, with strategic intent to increase their presence in shared mobility Is as part of. Space
It will acquire 44.14 percent shares from private equity investor, True North and others, the amount of which will not exceed Rs. 76.03 crores from Mr. Neeraj Gupta and Mrs. Farhat Gupta and 12.66 per cent shares at Rs. 21.63 crores. With this arrangement, M&M will increase its current stake in Meru from 43.20 per cent to 100 per cent.
Meru Cabs, a ridesharing company founded in 2006, revolutionized the way people travel in cabs by offering AC cabs at their doorstep with a single call. Today, Meru has a significant presence in the airport transfer business, operating in the Ride-Hill segment and providing employee transportation services to corporates in India.
Mahindra & Mahindra Ltd. shares closed at Rs.753.05 on the NSE on Friday. Is 774.50. The total traded volume of shares during the day was 44,66,148.