The company's board, which met today, has approved sales of a part of its shareholding in Mahindra Logistics ltd (MLL), a subsidiary of the company, as part of the proposed initial public offering of MLL, M&M said in a regulatory filing.
The size of the stake sale, price and other details of the IPO will be determined in due course by a committee of directors, it added.
Shares of M&M ended 0.49 per cent down at Rs 1,417.35 on BSE.
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