Mahindra & Mahindra Promoter To Sell Stake Worth Up To Rs 1,832 Crore
A Mahindra & Mahindra Ltd. promoter entity plans to pare its stake in the automaker by offering 0.75% equity in the secondary market for Rs 1,832 crore.
Prudential Management and Services Pvt. has offered to sell up to 93 lakh shares in the Mahindra Group company. The price range for the sale of shares is Rs 1,911.5–1,970.65 apiece, according to the term sheet seen by NDTV Profit.
The upper band of the offer price represents a 3% discount to the stock's closing on Wednesday.
Management consulting firm Prudential Management held an 11.64% stake in Mahindra & Mahindra as of December 2023. Kotak Securities Ltd. is the sole bookrunner for the deal.
Post the transmission of shares of PMSL held by former M&M chairperson Keshub Mahindra, who passed away last year, to his family members, the family is looking for liquidity for specific needs and, hence, proposes to sell a small number of shares, according to an exchange filing.
The family shall continue to retain the status of promoter group of M&M and there is "no intention to sell further shares in the foreseeable future," it said.
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