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Mahindra & Mahindra shares rise in choppy trade after CIE Automotive stake sale

Mahindra & Mahindra shares rise in choppy trade after CIE Automotive stake sale

Mahindra & Mahindra shares rise in choppy trade after CIE Automotive stake sale
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By Asmita Pant  Sept 28, 2022 2:46:23 PM IST (Updated)

The stock of the auto major was 1.5 percent up at Rs 1,254.8 on BSE at the time of writing. 

Shares of Mahindra & Mahindra Ltd fell as much as 1.9 percent and rose as much as 1.7 percent in choppy trade on Wednesday, September 28, after the home-grown auto major said it had sold 2.17 percent stake in automotive component supplier Mahindra CIE Automotive Ltd for Rs 285 per share.

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The stock of the auto major was 1.5 percent up at Rs 1,254.8 on BSE at the time of writing.
"The company has sold 82,42,444 equity shares representing 2.173 percent of the paid-up share capital of Mahindra CIE Automotive Limited, a listed associate of the company," the company said in an exchange filing.
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.
Mahindra & Mahindra on Tuesday also announced that the company had acquired  21,14,349 equity shares, or 17.41 percent of the paid-up equity share capital, of Swaraj Engines Ltd from Kirloskar Industries Ltd.
"Upon the said acquisition, the shareholding and consequent voting rights of the company in Swaraj Engines would increase from 34.72 percent to 52.13 percent of the equity share capital of Swaraj Engines. Consequently, Swaraj Engines, which is currently an associate of the company, would become a subsidiary of the company," M&M said.
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