Mahindra and Mahindra arm completes sale of stake in JV

Mahindra Engineering and Chemical Products Limited ("MECPL"), a wholly owned subsidiary of Mahindra & Mahindra Ltd, had agreed to sell its entire stake aggregating 49% of the paid-up Equity Share Capital held in Mahindra Tsubaki Conveyor Systems Private Limited ("MTC") to Tsubakimoto Bulk Systems Corp., for a consideration of Rs. 58.89 crores.

MECPL has today completed the above transaction & accordingly the shareholding of MECPL in MTC has become 'Nil' and MTC has today ceased to be an associate of MECPL.

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 841.00 as compared to the previous close of Rs. 850.75. The total number of shares traded during the day was 32407 in over 1470 trades.

The stock hit an intraday high of Rs. 850.35 and intraday low of 832.35. The net turnover during the day was Rs. 27290043.00.

Source : Equity Bulls

Keywords

MahindraandMahindra INE101A01026 MahndraTsubakiConveyorSystems StakeSale