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Business News/ Markets / Stock Markets/  Block deal: Mahindra CIE Automotive shares hit new 52-week high as M&M sells entire 3.195% stake
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Block deal: Mahindra CIE Automotive shares hit new 52-week high as M&M sells entire 3.195% stake

Block deal: M&M confirmed selling entire stake in listed associate firm, Mahindra CIE Automotive through on exchanges. CIE's stock price rallied to touch new 1-year high, while M&M shares also picked up.

Mahindra CIE Automotive is a joint venture of Mahindra and Madrid-listed CIE Automotive SA. (Priyanka Parashar/Mint)Premium
Mahindra CIE Automotive is a joint venture of Mahindra and Madrid-listed CIE Automotive SA. (Priyanka Parashar/Mint)

Block deal: Auto giant, Mahindra & Mahindra on Wednesday confirmed selling 3.195% stake in a listed associate company, Mahindra CIE Automotive. Despite the stake sale Mahindra CIE's stock price skyrocketed to hit a fresh 52-week high. M&M shares were up as well.

As per the regulator filing, M&M sold its entire stake comprising of 1,21,22,068 equity shares representing 3.195% of the paid-up share capital of CIE. The sale was excuted on exchanges at a gross price of 447.6501 per share.

With that, M&M's shareholding in CIE is now zero.

Also Read: Mahindra CIE share price jumps over 8% as M&M offloads 3.2% stake; M&M share price falls

Mahindra CIE is an Indian, automotive components company with manufacturing facilities and engineering capabilities of its own and its subsidiaries. The company's business is spread across Crankshafts, Forged steel parts for Industrial Vehicles, Aluminum castings, Sheet Metal Stampings, Castings, Magnetic Products, Composites and Gears.

Founded in August 1999, CIE's operations are in both domestic and international markets.

At the time of writing, CIE's share price traded at 471.85 up by 4.21% on BSE. The stock has hit a new 52-week high of 493 apiece earlier in the day.

Meanwhile, M&M's share price traded at 1276 apiece up by 0.61% on BSE. The stock was near the day's high of 1278 apiece on the exchange.

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Published: 24 May 2023, 02:33 PM IST
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