Mahindra -; Mahindra offloads 2.173% stake of Mahindra CIE in a bulk deal; stock dips ~3%

28 Sep 2022 , 09:18 AM

Mahindra & Mahindra Limited informed that it has sold 82,42,444 equity shares, representing a 2.173% stake of the paid-up share capital of Mahindra CIE Automotive Limited, a listed associate of the Company (MCIE).

The transaction was completed on the stock exchange(s) via the bulk deal window at a gross price of Rs285 per share. Following the transaction, the Company’s stake in MCIE has decreased from 11.427% to 9.254% of its share capital.

The total transaction value stands at approximately Rs234.91 crore.

At around 9.20 AM, Mahindra & Mahindra was trading at Rs1,226.80 apiece, down by 0.72% from its previous closing of Rs1,235.75 on the BSE. On the other hand, Mahindra CIE Automotive was trading at Rs262.80 down by 2.97% from its previous closing of Rs270.85 on BSE.

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