Mahindra & Mahindra (M&M) Benefit Trust sells 1.92 cr shares of M&M to CDPQ
Mahindra & Mahindra (M&M) Benefit Trust today sold 1.92 crore shares of Mahindra & Mahindra (M&M), amounting to Rs. 1244 crore, on the Bombay Stock Exchange. The buyer is CDPQ, an institutional investor that manages funds for several public and para-public organizations, mainly pension and insurance plans, in Quebec, Canada. Created in 1965, CDPQ today manages more than C$309.5 billion, with investments in 60 countries. They invest funds worldwide, targeting high-quality assets rooted in the real economy.The M&M Benefit Trust was created in July 2008 for the exclusive benefit of Mahindra & Mahindra. The shares held by the Trust were the outcome of various mergers and schemes of amalgamation. The trust held 10.36 crore shares of Mahindra & Mahindra. According to the Trust Deed, the proceeds of the sale would be transferred to Mahindra & Mahindra, which would be used by the company for its various operational requirements. After today's transaction, the M&M Benefit Trust will hold 8.44 crore shares, representing 6.8% of the equity capital of the company.
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