Mahindra & Mahindra on Wednesday announced the sale of its entire 3.195% stake in Mahindra CIE. The total price of the sale is Rs 447.65 per share, the company said in a filing.
“We would like to inform you that the company has sold its entire shareholding today, comprising 1,21,22,068 shares, representing 3.195% of CIE’s paid-up share capital,” it said.
“The sale transaction has been completed. After the sale, the company’s shareholding in CIE becomes zero,” the company said.
MCIE is engaged in the manufacture and sale of automotive components to OEMs and other customers including leading component suppliers in India and overseas. The company has manufacturing plants across the country. MCIE has established operations in each of these locations and supplies auto parts to local customers and exports products to customers in other countries.