M&M divests 3 per cent full stake in Mahindra CIE Automotive for Rs 543 crore
published by: Paras Yadav
Last update: May 25, 2023, 2:41pm IST
Mahindra and Mahindra (Photo: IANS)
Mahindra CIE Automotive shares sold at an 11 percent discount from Tuesday’s closing price of Rs 452.8, Mahindra & Mahindra said.
Mahindra & Mahindra (M&M) said on Wednesday that it sold its entire 3.19 per cent stake in Mahindra CIE Automotive for Rs 543 crore. The Mumbai-based company has sold its entire stake, comprising 1,21,22,068 equity shares representing 3.19 percent of CIE’s paid-up share capital, the major automaker said in a regulatory filing.
The sale was executed on the stock exchanges at a gross price of Rs 447.65 per share, it added. Mahindra CIE Automotive shares were selling at an 11 percent discount from Tuesday’s closing price of Rs 452.8, the automaker said.
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Following the sale, M&M’s shareholding in CIE has become nil, he said. Mahindra CIE Automotive on May 16, 2023 informed the stock exchanges that its name change application from Mahindra CIE Automotive Limited to CIE Automotive India Ltd has been approved by the Center.
On Wednesday, the company’s shares closed up 4.7 percent at Rs 474.10 apiece on the BSE.