|
M&M sold 1,21,22,068 equity shares, representing 3.195% of the paid-up share capital of the company. The sale was executed on the stock exchanges on Wednesday, 24 May 2023, at a gross price of Rs. 447.65 per share.
Accordingly, the M&M's shareholding in Mahindra CIE Automotive has become Nil.
Mahindra CIE Automotive is an Indian, multi-locational and multi-technology automotive components company with manufacturing facilities and engineering capabilities of its own and its subsidiaries. It supplies to Automotive Original Equipment Manufacturers (OEMs) and their
Tier 1 suppliers.
Mahindra CIE Automotive's application for change of its name to CIE Automotive India has been approved by the Central Government on 15 May 2023.
Mahindra CIE Automotive reported 73% jump in consolidated net profit to Rs 279.1 crore in Q1 CY2023 from Rs 161.4 crore in Q1 CY2022. Revenue from operations in the first quarter increased by 18% YoY to Rs 2440.2 crore.
Shares of Mahindra & Mahindra (M&M) rose 0.62% to Rs 1276.15 and Mahindra CIE Automotive jumped 4.70% to Rs 474.10 on Wednesday, 24 May 2023.
|