A promoter entity of Mahindra and Mahindra Ltd is contemplating the sale of approximately 0.75 percent stake in the company, aiming to raise around $215 million through a block deal, sources familiar with the matter told Moneycontrol.
According to Moneycontrol, the block deal has been set in motion, with the offer price ranging from Rs 1911.5 per share to Rs 1970.65.
Recent exchange data indicates that the collective stake held by the company’s promoters stands at 19.32 percent. Among them, Prudential Management and Services Private Ltd, the entity planning to divest its stake, currently holds 11.64 percent of the renowned tractor and SUV maker.
Kotak Mahindra Capital has been appointed as the advisor for this proposed transaction, which is being offered at a discount of up to 3 percent from the last closing price.
