Mahindra & Mahindra sells entire stake in Mahindra CIE at Rs 447.6 a share

MCIE is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers in India and overseas

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Mahindra & Mahindra on Wednesday announced selling its entire 3.195 per cent stake in Mahindra CIE. In a filing, the company said that the sale has been executed at a gross price of Rs 447.65 per equity share.

"We would like to inform you that the company has today sold its entire stake comprising 1,21,22,068 equity shares representing 3.195 per cent of the paid-up share capital of CIE," it said.

"The sale transaction has been completed. Following the sale, the company's shareholding in CIE has become nil," the company said.

MCIE is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers (including leading suppliers of components) in India and overseas. The company has manufacturing facilities in various locations across the country in India. MCIE has an established presence in each of these locations and supplies automotive components to its customers based there and exports products to customers based in other countries as well.