Mahindra & Mahindra Ltd to divest 2% stake in Brainbees Solutions Pvt Ltd

The Strategic Investment Committee of the Board of Directors of Mahindra & Mahindra Ltd ("CSI") has today considered and accorded its approval to divest up to 94,46,156 Equity Shares of Rs 2 each representing up to 2% of the existing Issued and Paid-up Equity Share Capital of Brainbees Solutions Private Limited ("Brainbees") on a fully diluted basis, by way of Offer for Sale of Equity Shares as part of the proposed IPO of Brainbees.

The actual number of shares of Brainbees to be divested will be decided by the Company in due course. The selling price per equity share will be fixed by Book Building Process as may be decided by Brainbees and the Selling Shareholders, in consultation with the Book Running Lead Managers.

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 1687.25 as compared to the previous close of Rs. 1661.70. The total number of shares traded during the day was 35784 in over 1794 trades.

The stock hit an intraday high of Rs. 1691.65 and intraday low of 1660.00. The net turnover during the day was Rs. 60073522.00.

Source : Equity Bulls

Keywords

MahindraandMahindra INE101A01026 StakeSale BrainbeesSolutions OFS IPO