M&M sells 2.29 crore shares of associate Co. Mahindra CIE

Mahindra & Mahindra said that it has sold 2,29,80,000 equity shares representing 6.058% of the paid-up share capital of Mahindra CIE Automotive, a listed associate of the company.

The auto maker said that the sale was executed on the stock exchange(s), at a gross price of Rs. 357.39 per share.

Following the sale, the shareholding of the company in MCIE has come down from 9.253% to 3.195% of its share capital.

Of the total shares sold, Societe Generale bought 6453165 shares of MCIE at an average price of Rs 357 per share.

Mahindra & Mahindra (M&M) Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The company's standalone net profit rose 14% to Rs 1,528.06 crore on 41% jump in revenue from operations to Rs 21,653.74 crore in Q3 FY23 over Q3 FY22.

The scrip fell 1.60% to currently trade at Rs 1176 on the BSE, extending its downfall for fourth consecutive session. The stock has lost 8.85% in four sessions.

Meanwhile, the stock of Mahindra CIE was up 2.45% to Rs 368.45, as value buying emerged at lower levels. The counter had lost 13.99% in the past four sessions to end at Rs 359.65 yesterday, from its recent closing high of Rs 418.15 recorded on 6 March 2023.

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