On the afternoon of Friday, 21 October after share trading had closed on the Bombay Stock Exchange (BSE), Indian automotive giant Mahindra notified regulators that its subsidiary Classic Legends, a holding vehicle for the Mahindra Two Wheelers business, had acquired BSA Motorcycle Company Ltd.
The story that Mahindra had bought the BSA brand was broken exclusively by BDN on Friday morning.
The notification to BSE described this corporate entity, owned by Southampton-based engineering firm BSA Regal, as the licensee for the BSA brand relating to motorcycles. Mahindra said that it had acquired all 120,000 issued shares at £28.33 per share, adding up to about £3.4m.
Previously, Mahindra intended to inform BSE market regulators today, Monday, 24 October, prior to a glitzy press presentation at its Mumbai headquarters on Tuesday 25 October.