M&M trades higher on selling entire stake in Meru Travel Solutions to Mahindra Logistics
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Mahindra and Mahindra is currently trading at Rs. 915.50, up by 5.35 points or 0.59% from its previous closing of Rs. 910.15 on the BSE.
The scrip opened at Rs. 910.60 and has touched a high and low of Rs. 922.60 and Rs. 905.20 respectively. So far 159998 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. 922.60 and Rs. 854.45 respectively. The current market cap of the company is Rs. 113839.14 crore.
The promoters holding in the company stood at 19.47%, while Institutions and Non-Institutions held 66.16% and 14.37% respectively.
Mahindra and Mahindra (M&M) has sold entire stake in Meru Travel Solutions (MTSPL) to Mahindra Logistics and following the sale, the shareholding of the company in MTSPL has become ‘Nil’.
Consequently, MTSPL has ceased to be a wholly owned subsidiary of the company and has become a wholly owned subsidiary of Mahindra Logistics with effect from May 17, 2022. Since Mahindra Logistics is a subsidiary of the company, MTSPL continues to remain the subsidiary 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.
