In a recent announcement to the National Stock Exchange, Mahindra & Mahindra Ltd informed that the company has sold over 82 42 444 shares, equal to 2.17% of the stake of Mahindra CIE Automotive company.
As you know, Mahindra & Mahindra is one of India's most diversified automobile companies, with a presence across different industries. However, the company is also known for providing financial services which invest in different group companies.
In the latest announcement to the National Stock Exchange (NSE), the company mentioned, "With reference to the captioned subject, 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 ("MCIE").
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." However, the company hasn't mentioned any specific reasons for the sale of the stake in Mahindra CIE, so the reason behind the sale of the shares is not disclosed currently.