Mahindra & Mahindra (M&M), will be selling 22% of its stake in joint venture firm, Mahindra Sanyo to Sanyo Special Steel Co Ltd for Rs.146.32 crore.

In a BSE filing the company stated, “The company had agreed to sell 26,36,401 equity shares of Rs.10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating to 22% of the paid up equity share capital of MSSSPL, to Sanyo Special Steel Co. Ltd. for a consideration of Rs.146.32 crore.”

MSSSPL is a JV between M&M (51%) India, Sanyo Special Steel Co Ltd (29%) Japan and Mitsui & Co Ltd (20%) Japan. Furthermore, post sale, the company’s shareholding in MSSSPL will come down from 51% to 29% of its share capital, and MSSSPL will cease to be a subsidiary of the company.

Read EquityPandit’s Technical Analysis of Nifty Auto