Mumbai Capital

M&M sells shares worth Rs 1,647 cr in Mahindra CIE to group firm

Mahindra and Mahindra Ltd has sold its holdings in Mahindra CIE Automotive Ltd to one of its group firm for Rs. 1,647 crore in an open market transaction on Wednesday.

As per the bulk deal data on NSE, M&M sold about 6.53 crore shares in Mahindra CIE Automotive for Rs 252.35 a share. The shares were picked up by Mahindra Vehicle Manufacturers Ltd, another unit of Mahindra and Mahindra Ltd.

As of September 2015, Mahindra and Mahindra held 6.53 crore shares or 20.19 per cent stake in Mahindra CIE Automotive Ltd.

Mahindra CIE, is the auto parts firm. The firm was formed as a result of partnership between Mahindra and Mahindra and CIE Automotive of Spain.

Transfer of shares

The current transaction amounts to inter transfer of shares between promoter groups. Before Wednesday’s transaction, the promoters had a 74.81 per cent stake in Mahindra CIE Automotive Ltd. While M&M had a 20.19 per cent stake, CIE Automotive holds 53.14 per cent stake through one of its holding company, the rest is held by Prudential Management and Services Pvt Ltd.

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Printable version | Dec 4, 2020 10:49:47 PM | https://www.thehindu.com/news/cities/mumbai/business/mm-sells-shares-worth-rs-1647-cr-in-mahindra-cie-to-group-firm/article8047786.ece

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