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M&M Block Deal: M&M Promoter Group Entity to sell 0.7% stake for Rs 1,778 crore

New Delhi: Prudential Management and Services, one of the promoters of Mahindra & Mahindra, on Thursday slashed 0.75 per cent stake in the company for Rs 1,778 crore in an open market transaction. According to bulk trading data obtained from the National Stock Exchange (NSE), Prudential Management and Services sold 93,00,000 shares, equivalent to 0.75% stake in Mahindra & Mahindra.

The shares were sold at an average price of Rs 1,912.04 each, taking the transaction size to Rs 1,778.19 crore.

The buyer’s details cannot be confirmed.

Shares of Mahindra & Mahindra closed 3.99 per cent lower at Rs 1,892 each on NSE.

Amid reports of a block deal proposed by promoter group PMSL, Mahindra & Mahindra, which was disclosed to the exchange late on Wednesday evening, said, “The shares of PMSL held by late Keshub Mahindra, former chairman of M&M, have been transferred. “After,” he said. April 12, 2023) His family is seeking liquidity for its specific needs and therefore proposes to sell the minority shares held by PMSL in M&M.”

The M&M family will continue to hold the position of promoter group of M&M and has no intention to sell additional shares in the near future, the company said in an exchange filing. According to shareholding data available with BSE, the promoters and promoter group entities hold 19.32 per cent stake in M&M, of which Prudential Management and Services Private Ltd owns 11.64 per cent stake in the company.

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