Acquisition

Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com M&M/SEC/2026-27/161 6th November 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Approval for investment in proposed Rights Issue of SML Mahindra Limited, a listed subsidiary of the Company Re: Intimation under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, We refer to the intimation filed by SML Mahindra Limited, a listed subsidiary of the Company ("SML"), on 6th November 2026, with the Stock Exchanges, regarding the approval by its Board of Directors for raising funds through a rights issue of equity shares aggregating up to Rs. 1,450 crore. We wish to inform you that the Company has, on 6th November 2026, at 02:09 p.m., approved: 1. Subscription to the rights issue of SML to the full extent of its rights entitlement, aggregating ~Rs. 855 crore; and 2. Subscription to additional equity shares and/or any portion of the rights issue that remains unsubscribed, if any, beyond the Company's entitlement, aggregating ~Rs. 595 crore. The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations (“SEBI Listing Regulations”), 2015 read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026 dated 30th January 2026 are provided in Annexure- You are requested to kindly take the same on record and treat the same as compliance with the applicable provisions of the SEBI Listing Regulations. Yours sincerely, For Mahindra & Mahindra Limited Sailesh Kumar Daga Company Secretary FCS: 4164 CC: Luxembourg Stock Exchange London Stock Exchange Plc ISIN: USY541641194 Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558 Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com Annexure-A Approval for investment in proposed Rights Issue of SML Mahindra Limited, a listed subsidiary of the Company SI. Details of Events that need to be Information of such events(s) No. provided a) Name of the target entity, details in SML Mahindra Limited ("SML"), is a listed subsidiary of the brief such as size, turnover etc. Company, with well-recognized brands, strong heritage and pan-India presence in the ‘Trucks & Buses ‘segment. The company has a market leading position in the ‘ILCV [Intermediate and Light Commercial Vehicles] Buses segment. For the financial year ended 31st March 2026, SML's revenue from operations stood at Rs. 2,837.92 crore, and its net worth as of 31st March 2026 was Rs. 519.34 crore. b) Whether the acquisition would fall SML, being a listed subsidiary of the Company, is a related within related party transaction(s) party of the Company. However, the proposed investment by and whether the promoter/promoter the Company in the rights issue of SML does not constitute a group/group companies have any related party transaction under the SEBI (Listing Obligations interest in the entity being and Disclosure Requirements) Regulations, 2015. acquired? If yes, nature of interest and details thereof and whether the None of the Promoter, Promoter Group or Group companies same is done at “arm’s length”; of the Company has any interest in SML, except to the extent of their respective shareholding in SML. c) Industry to which the entity being Commercial Vehicles Industry acquired belongs; d) Objects and impact of acquisition Subscription to the proposed rights issue of Equity Shares of (including but not limited to, SML. disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity); e) Brief details of any governmental or Not Applicable regulatory approvals required for the acquisition; f) Indicative time period for The Company proposes to invest in the rights issue of SML completion of the acquisition; and the equity shares subscribed thereto shall be allotted by SML in accordance with the issue schedule determined by SML and applicable regulatory requirements. g) Consideration - whether cash Cash consideration or share swap or any other form and details of the same; h) Cost of acquisition and/or the price The proposed investment will be made at the price at which the shares are acquired; determined by SML and specified in the offer document for the rights issue. The aggregate investment by the Company in the rights issue, including any additional subscription, shall not exceed Rs. 1,450 crore. i) Percentage of shareholding / The number of equity shares and percentage shareholding to control acquired and / or number of be acquired will be determined upon allotment of shares shares acquired; pursuant to the rights issue. No change in control of SML is envisaged. Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558 Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com j) Brief background about the entity SML is a listed subsidiary of the Company, with well- acquired in terms of products/line of recognized brands, strong heritage and pan-India presence business acquired, date of in the ‘Trucks & Buses ‘segment. The company has a market incorporation, history of last 3 years leading position in the ‘ILCV [Intermediate and Light turnover, country in which the Commercial Vehicles] Buses segment. acquired entity has presence and any other significant information (in Date of Incorporation: 26th July 1983 brief); Turnover of last 3 Years: Particulars Rs. crore FY 2025-26 2,837.92 FY 2024-25 2,398.99 FY 2023-24 2,195.93 Country in which SML has presence: SML is primarily present in India and has exports in various countries including Bangladesh, Nepal, Bhutan, Ghana and Dubai. Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558