M&M to acquire up to 10% stake in Canada’s Resson Aerospace Corp

By: |
New Delhi | Published: May 1, 2018 11:37:17 AM

M&M said the acquisition of shares in Resson is expected to support its businesses by developing technology solutions for the company's farm division.

mahindra, mahindra resson aerospace agreement, reson aerospace corp, m and m, agriculture, aerospace corpMahindra and Mahindra (M&M) has signed a share subscription agreement to acquire up to 10 per cent share capital of Canada’s IT firm Resson Aerospace Corporation for up to CAD 6.63 million to be paid in cash. (Reuters)

Mahindra and Mahindra (M&M) has signed a share subscription agreement to acquire up to 10 per cent share capital of Canada’s IT firm Resson Aerospace Corporation for up to CAD 6.63 million to be paid in cash. “The company has today signed a share subscription agreement for subscribing up to 8,00,402 Class C preferred shares of Resson Aerospace Corporation, Canada, which would result in the company holding up to 10 per cent of the share capital of Resson on a fully diluted basis,” M&M said in a regulatory filing.

M&M said the cost of acquisition is up to CAD 6.63 million (equivalent to approximately Rs 34.5 crore) to be paid in cash. Resson is focussed on providing technology solutions for agriculture. It has developed a system which captures and interprets images to give farmers information about the state of their fields and crops.

It operates primarily in Canada and the US. Resson had a turnover of CAD 1.43 million in the calendar year 2017. M&M said the acquisition of shares in Resson is expected to support its businesses by developing technology solutions for the company’s farm division.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Yes Bank acquires 24 pc stake in Dish TV post invocation of pledged shares
2More tax relaxations for startups on cards; draft e-commerce policy to seek public comments
3Deepinder Goyal requests companies to hire Zomato’s laid off staff; shares its talent directory