Mahindra & Mahindra Ltd. on Thursday announced that its wholly owned subsidiary, Mahindra Overseas Investment Company (Mauritius) Limited (MOICML), has sold a part of its shareholding in CIE Automotive S.A (“CIE Spain”).
According to the company’s regulatory filing, MOICML offloaded 3.58% of CIE Spain’s outstanding shares, generating a total consideration of approximately €119 million. CIE Spain is classified as an associate company of MOICML.
Mahindra said the disclosure was made in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
The company informed stock exchanges — including NSE, BSE, the Luxembourg Stock Exchange and the London Stock Exchange — that the information has been submitted for investor awareness and record-keeping.
Mahindra has not disclosed further details on the utilisation of proceeds or the remaining shareholding post-transaction.
