Financial News

M&M SELLS 7.5% MAHINDRA HOLIDAYS STAKE FOR RS 274 CRORE

MAHINDRA HOLIDAYS STAKEMahindra & Mahindra (M&M) today announced that the company divested 7.5% stake in the group hospitality arm MHRIL (Mahindra Holidays & Resorts India Ltd) for around Rs 274.36 crore.

Mahindra & Mahindra sold 66,58,565 shares leading to 7.5% of Mahindra Holidays total share capital, once an approval is obtained from the board of directors of the company. Post this divestment process, shareholding of M&M in MHRIL has reduced to 67.5% from its earlier holding of 75%.

The stock of M&M was trading at Rs 1,306.75 in the afternoon trade on BSE, up 0.22% from its previous close.