M&M hits a new high

Mahindra & Mahindra’s (M&M) wholly owned subsidiary, Mahindra Holdings Limited (MHL), yesterday sold its entire stake of 30.83% for Rs.425 crore  held in New Delhi Centre for Sight Limited (NDCFS). This was held as a JV between MHL and M&M.

The company had invested Rs.226 crore in this venture in 2019.

The stake was sold to three buyers – Space Investments Limited, a company established under the Laws of Mauritius; Defati Investments Holding B.V, a company incorporated and existing under the laws of Netherlands and Infinity Partners is a partnership firm based in New Delhi. None of the companies are connected in any way to the promoters or M&M.

NDCFS provides eye care medical services, offering ophthalmic specialty services for vision issues including glaucoma, cataracts, retina and uveitis disorders, and laser vision correction. 

This is good money coming in for the company and the market is happy with this development; it opened today at a new 52-week high at Rs.2284.35 and is currently trading at Rs,.2278 levels.