Mahindra & Mahindra's (M&M), wholly owned subsidiary, Mahindra Overseas Investment Company (Mauritius) (MOICML), has acquired 100% of the equity share capital of Mahindra Automotive North America Inc. (MANA) in USA. In view of this, MANA has become a wholly owned subsidiary of MOICML and in turn, of the company with effect from April 25, 2017.

MOICML has acquired 200,000 common stock shares at USD 25 par value per share. MANA would promote Mahindra Brand in US and expand its reach into US to promote off-road vehicles.

Shares of the company gained Rs 15.45, or 1.18%, to trade at Rs 1,322.95. The total volume of shares traded was 24,489 at the BSE (10.24 a.m., Wednesday).