M&M completes stake sale in Swaraj Automotive

M&M had acquired stake in SAL through open offers when it bought 43.3% in Punjab Tractors

Homegrown auto major Mahindra & Mahindra today said it has completed sale of its entire 71.19% stake in Swaraj Automotives Ltd (SAL) for Rs 24.84 crore to b4S Solutions.

The company completed the sale of 17,06,925 equity shares of Rs 10 each yesterday, M&M said in a BSE filing.

Last year in October, the company had entered into an agreement with b4S Solutions for the sale of its entire stake in SAL.

Under the agreement, the company had fixed the price at Rs 145.5 per equity share.

M&M had acquired stake in SAL through open offers when it bought 43.3% in Punjab Tractors, which held shares in the company.

Swaraj Automotives Limited is into manufacturing of seats and seat mechanisms for tractors, commercial vehicles and passenger vehicles.

B4S Solutions is engaged in the business of telecom and transmission tower management, manufacturing in packaging industry, automotive dealerships and service centres and manpower outsourcing.

M&M shares were trading at Rs 1,224.50 apiece in morning trade, down 0.20% from the previous close on the BSE.