M&M trades higher on selling entire stake in Mahindra CIE Automotive

Mahindra & Mahindra is currently trading at Rs. 1276.60, up by 8.30 points or 0.65% from its previous closing of Rs. 1268.30 on the BSE.

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Mahindra & Mahindra

The scrip opened at Rs. 1264.95 and has touched a high and low of Rs. 1278.00 and Rs. 1254.65 respectively. So far 20077 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 1396.00 on 16-Feb-2023 and a 52 week low of Rs. 914.85 on 26-May-2022.

Last one week high and low of the scrip stood at Rs. 1278.00 and Rs. 1238.00 respectively. The current market cap of the company is Rs. 158245.26 crore.

The promoters holding in the company stood at 19.37%, while Institutions and Non-Institutions held 66.96% and 13.66% respectively.

Mahindra & Mahindra (M&M) has sold its entire stake comprising of 1,21,22,068 Equity Shares representing 3.195% of the paid-up share capital of Mahindra CIE Automotive, a listed associate of the Company (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 is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.