Mahindra Ugine Steel said its chairman Anand Mahindra on Tuesday sold all his 13,617 shares in the company for over Rs 58 lakh.
Mr Mahindra sold 13,617 shares, or a 0.04 per cent stake, in Mahindra Ugine Steel for Rs 58,46,088 through open market on National Stock Exchange (NSE), the company said in a filing to bourses.
Following the transaction, Mr Mahindra has no shares in Mahindra Ugine Steel, which is a specialty steel producer.
Mahindra Ugine Steel is a subsidiary of Mahindra CIE Automotive, earlier known as Mahindra Forgings.
Shareholders of Mahindra CIE Automotive had on June 20 approved merger of five subsidiaries with the company including Mahindra Ugine Steel.
Anand Mahindra started off at Mahindra in 1981 when he joined Mahindra Ugine Steel Co as executive assistant to the finance director.
In 1989, he was appointed president and deputy managing director of the company.
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