M&M surges as the company to offload 22.81% stake in Mahindra Sanyo Special Steel
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Mahindra & Mahindra is currently trading at Rs. 870.50, up by 4.90 points or 0.57% from its previous closing of Rs. 865.60 on the BSE.
The scrip opened at Rs. 865.60 and has touched a high and low of Rs. 875.30 and Rs. 859.20 respectively. So far 42927 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 978.90 on 17-Nov-2021 and a 52 week low of Rs. 671.00 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 875.30 and Rs. 828.05 respectively. The current market cap of the company is Rs. 108070.73 crore.
The promoters holding in the company stood at 19.47%, while Institutions and Non-Institutions held 66.54% and 13.98% respectively.
Mahindra & Mahindra (M&M) is all set to offload over 34.75 lakh shares, constituting 22.81 per cent of the paid-up capital, in Mahindra Sanyo Special Steel (MSSSPL), to Japan-based Sanyo Special Steel Co pursuant to exercise of a put option available to the company on Sanyo under the Shareholders’ Agreement. The consideration to be received from sale is Rs 211.99 crore. The expected date of completion of sale is around July, 2022.
Following the sale, the company’s holding in MSSSPL would become NIL and MSSSPL would cease to be an associate of the company.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
