Mahindra & Mahindra Financial Services (Mahindra Finance) has entered into a Share Purchase Agreement (SPA), a Shareholders Agreement (SHA) and other ancillary agreement with Inclusion Resources (IRPL) and Mahindra Insurance Brokers (MIBL) on October 16, 2017. MIBL is a subsidiary of the company.

As on date, the company holds 21,90,692 equity shares corresponding to 85% of MIBL's total issued and paid-up share capital and IRPL holds 3,86,598 equity shares corresponding to 15% of MIBL's total issued and paid-up share capital.

Under the SPA, the  company proposes to sell and IRPL proposes to purchase 1,28,866 equity shares of MIBL corresponding to 5% of MIBL's total issued and paid-up share capital.

In lieu of the sale of the aforesaid equity shares by the  company to IRPL, the  company will receive an aggregate consideration of Rs 650 million.

Shares of the company gained Rs 3.05, or 0.71%, to trade at Rs 434.50. The total volume of shares traded was 81,813 at the BSE (11.30 a.m., Tuesday).