M&M sells entire stake in Mahindra CIE Automotive for Rs 543 crore

Automotive major Mahindra & Mahindra has recently sold its entire stake of 3.19 percent in Mahindra CIE Automotive for Rs 543 crore. Mahindra CIE Automotive (CIE) is a multi-technology automotive components supplier.

“We would like to inform you that the Company has today sold its entire stake consisting of 1,21,22,068 equity shares, representing 3.195 percent of the paid-up share capital of CIE. The sale has been executed on the Stock Exchange(s), at a gross price of Rs 447.6501 per share. Following the sale, the Company’s shareholding in CIE has become Nil,” M&M said in a regulatory filing. 

On May 16, Mahindra CIE Automotive informed the stock exchanges that its application for a change of name from Mahindra CIE Automotive Limited to CIE Automotive India Ltd has been approved by the Centre.