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M&M sells 2.17% stake in Mahindra CIE Automotive at Rs 285 per share

M&M sells 2.17% stake in Mahindra CIE Automotive at Rs 285 per share

M&M sells 2.17% stake in Mahindra CIE Automotive at Rs 285 per share
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By Jomy Jos Pullokaran  Sept 27, 2022 8:11:57 PM IST (Published)

Shares of Mahindra CIE Automotive Ltd ended at Rs 270.85, up by Rs 8.80, or 3.36 percent, on the BSE.

Home-grown auto major Mahindra & Mahindra (M&M) on Tuesday said it has sold a 2.17 percent stake in automotive component supplier Mahindra CIE Automotive Ltd for Rs 285 per share.

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"We would like to inform you that the company has today sold 82,42,444 equity shares representing 2.173% of the paid-up share capital of Mahindra CIE Automotive Limited, a listed associate of the company," the company said in an exchange filing on September 27.
"The sale has been executed on the stock exchange(s) through the bulk deal window, at a gross price of Rs 285 per share. Following the sale, the shareholding of the Company in MCIE has come down from 11.427% to 9.254% of its share capital, the company added.
Mahindra CIE posted a consolidated net profit of Rs 161.42 crore for the first quarter ended March. The company had reported a consolidated net profit of Rs 10.09 crore in the year-ago period.
Revenue from operations rose to Rs 2,588.36 crore for the first quarter  compared with Rs 2,189.4 crore in the January-March period of last year. The company follows a January-December financial year.
The board of the Pune-based firm has also recommended a final dividend of Rs 2.5 per share of Rs 10 each for the financial year ending December 31, 2021.
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