Mahindra & Mahindra (M&M) on Wednesday, 24th May, said it has sold its entire stake of 3.19 per cent in Mahindra CIE Automotive for Rs 543 crore. The Mumbai-based company has sold its entire stake comprising of 1,21,22,068 equity shares representing 3.19 per cent of the paid-up share capital of CIE, the auto major said in a regulatory filing.
The sale has been executed on the stock exchanges at a gross price of Rs 447.65 per share, it added. The shares of Mahindra CIE Automotive were offloaded at 11 per cent discount from Tuesday’s closing price of Rs 452.8, the automaker said.
Following the sale, the M&M’s shareholding in CIE has become nil, it said. Mahindra CIE Automotive on May 16, 2023 informed the stock exchanges that its application for change of name from Mahindra CIE Automotive Limited to CIE Automotive India Ltd has been approved by the Centre. On Wednesday, shares of the company settled 4.7 per cent up at Rs 474.10 apiece on the BSE.