M&M sells entire stake in Mahindra CIE Automotive for Rs 543 crore
Following the sale, the company’s shareholding in CIE has become nil, M&M said in a regulatory filing.
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.
RELATED ARTICLES
GlobalFoundries collaborates with STMicroelectronics for semiconductor manufacturing facility in France
The new facility will benefit from financial support from the State of France.
FAME subsidy: In third petition, CBITA talks about effectiveness of MHI EV policy and purpose of subsidies
The body goes on to add that the fuel-based ICE scooter lobby has constantly complained about the price equivalence that...
Tata Motors Finance extends Rs 125 crore limit in partnership with CJ Darcl Logistics
The operating lease facility will enable CJ Darcl Logistics to strengthen its fleet capacity, enabling it to deploy Tata...