Mahindra & Mahindra (M&M) said on Wednesday that it has paid Rs 543 crore for its whole 3.19 percent interest in Mahindra CIE Automotive.
The car giant said in a regulatory filing that the Mumbai-based business has sold its entire interest, consisting of 1,21,22,068 equity shares, or 3.19 percent of CIE's paid-up share capital.
At a gross price of Rs 447.65 per share, the transaction was carried out on the stock markets, it was further said.
According to the manufacturer, shares in Mahindra CIE Automotive were sold at an 11% discount to their Tuesday closing price of Rs 452.8.
The M&M's stake in CIE has been reduced to zero as a result of the transaction, it said.
On May 16, 2023, Mahindra CIE Automotive notified the stock markets that the Centre has granted permission for the company to change its name from Mahindra CIE Automotive Limited to CIE Automotive India Ltd.
On the BSE, the company's shares ended the day on Wednesday up 4.7% at Rs 474.10.