Mahindra & Mahindra Cashes In: Profitable Stake Sale in RBL Bank
Mahindra & Mahindra has successfully sold a 3.53% stake in RBL Bank for Rs 678 crore. Originally acquired for Rs 417 crore, the sale marks a 62.5% profit. The announcement follows the initial purchase made in July 2023 as a strategic treasury investment.
- Country:
- India
Mahindra & Mahindra (M&M) announced the sale of its 3.53% stake in RBL Bank, netting Rs 678 crore, a significant 62.5% return on its initial investment.
The Mumbai-based conglomerate had initially acquired the stake for Rs 417 crore in July 2023 as a treasury investment.
The transaction was disclosed in a regulatory filing, coinciding with a 1.13% rise in Mahindra & Mahindra's share price, now at Rs 3,621.95 on the BSE.
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