May 1, 2018
Mahindra and Mahindra has acquired a 10 per cent stake in Canadian firm Resson Aerospace Corp, while oncology chain HealthCare Global Enterprises Ltd has picked up 12 per cent stake in International Stemcell Services Ltd.
M&M acquires stake in Canada’s Reason for $5.17m
Automotive major Mahindra and Mahindra Ltd has agreed to acquire a 10 per cent stake in Resson Aerospace Corp for C$6.63 million ($5.17 million).
Under the terms of the all-cash deal, M&M will acquire up to 800,402 Class C preferred shares of Resson Aerospace, equivalent to 10 per cent of the company’s share capital on a fully diluted basis.
The transaction is expected to be completed by 10 May, 2018, M&M said in a filing to the stock exchanges.
According to M&M, the acquisition of shares in Resson is aimed at supporting the company’s businesses by developing technology solutions for its farm division.
Incorporated in 2013, Resson is focused 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.
HCG picks up 12% stake in International Stemcell
Bengaluru-based oncology chain HealthCare Global Enterprises Ltd has entered into an agreement to acquire a 12 per cent stake in International Stemcell Services Ltd (ISSL).
In a filing to the stock exchanges, HealthCare Global said it is acquiring 10,860 equity shares of ISSL for Rs 5,607,670 in an all-cash secondary deal that saw some of ISSL’s existing shareholders shed a part of their stake.
“The research activities with respect to stem cells and regenerative medicine carried out by ISSL would support the Company (HealthCare Global) in the development of targeted therapies for cancer treatment,” the oncology firm said.
ISSL was founded in 2008 and carries out research activities with respect to stem cells and regenerative medicine.
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