Shares of Mahindra & Mahindra
(M&M) rose 0.88 percent to Rs 1,425 at mid noon hours on BSE after the
company said that its wholly owned subsidiary MOICML (Mahindra Overseas
Investment Company-Mauritius) on 13 Dec 2017, sold 64.50 lakh shares,
representing 5 percent of the share capital of CIE Automotive S.A. The average
gross price was Euro 23.50/ share. The deal totaled Euro 151.58 million. Following
the sale, MOICML's shareholding in CIE Automotive-SA would come down to 7.44%
of its share capital. The transaction will facilitate diversification of
investor base of CIE Automotive S.A.
Mahindra & Mahindra's net profit
rose 24.8% to Rs 1,331.57 crore on 14 percent rise in net sales to Rs. 12,182.07
crore in Q2 Sept 2017 Year-on-Year. Mahindra
& Mahindra enjoys a leadership position in tractors and utility vehicles in
India.
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