Mahindra Group sells over 6 pc stake in Mahindra CIE Automotive

Mahindra & Mahindra on Monday said it has sold over 6 per cent stake in Mahindra CIE Automotive.

The company has sold 2,29,80,000 equity shares representing 6.05 per cent 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 per cent to 3.19 per cent of its share capital, Mahindra & Mahindra said.