Mahindra & Mahindra divests 7.5% stake in Mahindra Holidays for Rs274 crore
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New Delhi: Mahindra & Mahindra on Friday said it on Friday divested 7.5% stake in the group hospitality arm Mahindra Holidays & Resorts India Ltd (MHRIL) for around Rs274.36 crore.
Pursuant to approval of the board of directors, the company sold 66,58,565 shares representing 7.5% of the share capital of Mahindra Holidays & Resorts India Ltd, Mahindra & Mahindra said in a filing to BSE.
The sale has been executed at an average gross price of Rs412.05 per share, it added. The company, however, did not disclose to whom the shares have been sold.
“Following the sale, the shareholding of the company in MHRIL would come down from 75% to 67.5% of its share capital,” Mahindra & Mahindra said.
The stock of Mahindra & Mahindra closed at Rs1,302 on BSE, down 0.15% from its previous close.