M&M divests 7.5 per cent stake from M&M Holiday & Resorts
Bhagyashree Vivarekar / 10 Mar 2017
Today, the company sold 66,58,565 shares, constituting 7.5 per cent of MHRIL’s total share capital, post the approval from the board of directors of M&M.
Mahindra & Mahindra today announced divestement of its 7.5 per cent stake from Mahindra group’s hospitality wing, Mahindra Holidays & Resorts India Ltd (MHRIL) for approximately Rs. 274.36 cr.
Today, the company sold 66,58,565 shares, constituting 7.5 per cent of MHRIL’s total share capital, post the approval from the board of directors of M&M.
The company did not disclose the details of the buyer of these shares, but it notified that the shares were sold at an average gross price Rs 412.05 per share.
Post this divestment, the shareholding of M&M in MHRIL has reduced to 67.5 per cent from the earlier holding of 75 per cent.
The M&M stock is currently trading at Rs 1,301, down Rs 2.9 or 0.22 per cent from the previous close of Rs 1,303.9 on the BSE. The stock has touched a day’s high and low of Rs 1,315 and Rs 1300.10, respectively.
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