M&M to exit Mahindra CIE Automotive via block deal
Term sheet of the block deal shows it is a clean out deal which means the stake of M&M in the Mahindra CIE Automotive will drop to nil. M&M held a 3.20% stake in Mahindra CIE Automotive at the end of March 2023, according to BSE data.
By ET Bureau | Updated:
BCCL
Mumbai: Mahindra & Mahindra is looking to sell shares worth ₹520 crore of Mahindra CIE Automotive through a block deal on Wednesday, according to a team sheet reviewed by ET.
M&M has put 1.21 crore shares on the block with a price band of ₹430-452.85 per share, which is up to 5% discount to the closing price of Tuesday.
Term sheet of the block deal shows it is a clean out deal which means the stake of M&M in the Mahindra CIE Automotive will drop to nil. M&M held a 3.20% stake in Mahindra CIE Automotive at the end of March 2023, according to BSE data.
Kotak Securities is the broker to the deal.
M&M has put 1.21 crore shares on the block with a price band of ₹430-452.85 per share, which is up to 5% discount to the closing price of Tuesday.
Term sheet of the block deal shows it is a clean out deal which means the stake of M&M in the Mahindra CIE Automotive will drop to nil. M&M held a 3.20% stake in Mahindra CIE Automotive at the end of March 2023, according to BSE data.
Kotak Securities is the broker to the deal.
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