Mahindra & Mahindra to sell its 3.21% stake in Mahindra CIE

24 May 2023 , 09:40 AM

Mahindra & Mahindra plans to offload shares worth Rs 520 crore of Mahindra CIE Automotive through a block deal scheduled for Wednesday.

M&M will be placing 1.21 crore shares up for sale, offering them at a price range of Rs 430-452.85 per share. This price range represents a discount of up to 5% compared to Tuesday’s closing price.

According to the term sheet of the block deal, it is classified as a clean-out transaction, resulting in M&M completely divesting its stake in Mahindra CIE Automotive. As per BSE data, M&M held a 3.20% stake in Mahindra CIE Automotive as of March 2023.

Kotak Securities is chosen as the broker for the deal.

At around 9.38 AM, Mahindra & Mahindra was trading 0.60% lower at Rs 1,261, against the previous close of Rs 1,268.55 on NSE.

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