Mahindra Group Sells Over 6% Stake In Mahindra CIE Automotive

Mahindra and Mahindra Ltd. on Monday said it has sold over 6% stake in Mahindra CIE Automotive.

The company has sold 2,29,80,000 equity shares, representing 6.05% of the paid-up share capital of Mahindra CIE Automotive Ltd., a listed unit of the company, the auto major said in a regulatory filing.

The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share, it added.

Following the sale, the shareholding of the company in Mahindra CIE Automotive has come down from 9.25% to 3.19% of its share capital, Mahindra & Mahindra said.