Series B and Series C equity shares carry economic rights as per the Shareholders Agreement (SHA) executed between the Company, Actis and MHPL and are fully held by Actis and the Company, respectively. Basis the overall paidup share capital of MHPL comprising Series A (carrying no dividend or economic rights), Series B and Series C equity shares, the Company holds 71.61% and Actis holds 28.89% in MHPL.

As per the SHA, the offer to buyback is basis economic interest in the ratio of 50:50 between the Company and Actis i.e. 18,900 equity shares each from Series B and Series C equity shares.

The Company and Actis have agreed to participate in the buyback offer and have, accordingly, submitted acceptance forms for buyback of their respective full entitlement i.e. 18,900 Series C and B equity shares each held by them respectively at an aggregate consideration of Rs 55.05 crore each. The acceptance forms received from both the Company and Actis have been accepted and confirmed by MHPL.

Consequent to buyback as above, the shareholding of the Company in MHPL, basis the overall paid-up share capital, has increased from 71.61% to 72.51%.