Mahindra & Mahindra Limited (M&M), an Indian multinational automotive manufacturing corporation headquartered in Mumbai, today announced the sale of 4.6% stake in Mahindra CIE through block deals. According to a report in CNBC, the floor price has been fixed at 355/share. block deal based on size 615 Cr and comes with a lock-up of 60 days on further sale of shares.
Mahindra CIE is a multi-technology automotive components supplier headquartered in Mumbai. During Q3FY23, Mahindra & Mahindra Limited (M&M) held 9.25% stake in Mahindra CIE.
The corporation reported promoter shareholding of 19.39% for the quarter ending December 2022, along with FIIs of 39.16%, DIIs of 27.72%, Government of 0.07%, general public of 9.77%, and others gave information. 3.88%. According to Trendline data, promoters increased their holding from 19.38% in the Sep 2022 quarter to 19.39% in the Dec 2022 quarter, while FIIs/FPIs increased their holding from 38.27% in Q2 2023 to 39.16% in Q3 2019 % done. In 2023, mutual funds increased their holding from 15.01% to 15.30%, and institutional investors increased their holding from 66.84% in Q2FY23 to 66.95% in Q3FY23.
Mahindra & Mahindra Ltd. (M&M Ltd.) reported auto sales of 58,801 vehicles in February 2023, a growth of 8%; SUV sales saw a growth of 10%. In February 2023, Mahindra sold 30,221 vehicles in the utility vehicle segment and 30,358 vehicles in the passenger vehicle segment (which includes UVs, cars and vans). 2,250 vehicles were exported in the entire month. Mahindra sold 20,843 vehicles in the commercial vehicle segment in February 2023. According to M&M, its domestic sales are expected to grow to 24,619 units in February 2023 from 18,910 units in February 2022, while its total tractor sales (domestic + exports) for the month of February 2023 stood at Rs. 25,791 units, up from 20,437 units in the same month last year. 1,172 units were exported for the entire month.
Shares of Mahindra & Mahindra Limited (M&M Ltd) closed on the NSE on Friday down 1.64% from its previous close of 1,227.65 1,248.15. The stock recorded an average total volume of 26,64,696 shares as compared to 20-day average volume of 2,378,640 shares.
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