Mahindra Lifespaces to acquire land in Kandivali from M&M

Mahindra Lifespace Developers Limited (MLDL) is to acquire freehold land measuring approximately 9.24 acres situated at Kandivali (East), Mumbai from its fellow listed promoter firm Mahindra and Mahindra Ltd (M&M). MLDL will pay an aggregate consideration of INR 365 crore in tranches and interest of 7% p.a. payable during the interim period of payment on unpaid principal balance from the sale date. The consideration for the transaction has been arrived at based on valuation as determined by: CBRE South Asia on behalf of MLDL and Colliers International (India) Property Services appointed by M&M and a fairness opinion issued by HDFC.