Goldman sells M&M shares worth Rs 1.3k cr

Golboot Holdings, the Cyprus-based entity controlled by Goldman held 1.91% stake in M&M

Investment banking giant Goldman Sachs sold over 11.7 million shares of tractor and utility vehicle making company Mahindra & Mahindra for little over Rs 1,369 crore through a block deal on the BSE.

Golboot Holdings, the Cyprus-based entity controlled by Goldman, has thus exited M&M. The entity held 1.91 per cent stake in the Mumbai-based company.  The sell-out comes just two months after Golboot sold seven million shares of M&M through a block deal on the National Stock Exchange representing 1.14 per cent.

The company had then raised little over Rs 753 crore through the sale. M&M’s stock which turned ex-dividend on Thursday closed at Rs 1,181.35 on the BSE. Goldman Sachs bought the M&M stake in 2008 for Rs 700 crore by converting its compulsorily convertible debentures.

Goldman Sachs HS Singapore PTE bought 4.2 million shares at Rs 1,161 per share spending a total Rs 494.96 crore while Fidelity Destiny Portfolio bought 4.56 million shares at the same price spending a total Rs 529.65 crore.