M&M to sell 4.6% stake in Mahindra CIE via block deals: Report
2 min read . Updated: 12 Mar 2023, 02:56 PM IST
Premium- Mahindra & Mahindra Limited (M&M) an Indian multinational automotive manufacturing corporation headquartered in Mumbai today announced to sell a 4.6% stake in Mahindra CIE via block deals.
Mahindra & Mahindra Limited (M&M) an Indian multinational automotive manufacturing corporation headquartered in Mumbai today announced to sell a 4.6% stake in Mahindra CIE via block deals. According to a report from CNBC, the floor price has been fixed at ₹355/share. The base size of the block deal is at ₹615 Cr and comes with a 60-day lock-up on further sales of shares.
Mahindra CIE is a multi-technology automotive components supplier headquartered in Mumbai. During Q3FY23, Mahindra & Mahindra Limited (M&M) held a 9.25% stake in Mahindra CIE.
The corporation reported a promoter shareholding of 19.39% for the quarter that ended in December 2022, as well as stakes from FIIs of 39.16%, DIIs of 27.72%, the government of 0.07%, the general public of 9.77%, and other stakes of 3.88%. According to Trendlyne data, promoters elevated their holdings from 19.38% in the September 2022 quarter to 19.39% in the December 2022 quarter, while FII/FPI increased their holdings from 38.27% in the second quarter of 2023 to 39.16% in the third quarter of 2023, mutual funds increased their holdings from 15.01% to 15.30%, and institutional investors increased their holdings from 66.84% in Q2FY23 to 66.95% in Q3FY23.
Mahindra & Mahindra Ltd. (M&M Ltd) reported auto sales of 58,801 vehicles in February 2023, an 8% boost; SUV sales saw a 10% uptick. In February 2023, Mahindra sold 30,221 vehicles in the utility vehicle class and 30,358 in the passenger vehicle segment (which includes UVs, cars, and vans). Throughout the month, 2,250 vehicles were exported. Mahindra sold 20,843 vehicles in the commercial vehicle sector in February 2023. According to M&M, its domestic sales in February 2023 totalled 24,619 units, up from 18,910 units in February 2022, while its overall tractor sales (domestic + exports) for February 2023 month were 25,791 units, up from 20,437 units in the same month of the previous year. Throughout the month, 1,172 units were exported.
On Friday, the shares of Mahindra & Mahindra Ltd. (M&M Ltd) closed on the NSE at ₹1,227.65 apiece, down by 1.64% from the previous close of ₹1,248.15. The stock recorded a total volume average of 26,64,696 shares compared to the 20-Day average volume of 2,378,640 shares.