Key Points
The deal is at a discount of 0-3% to Wednesday's closing price for the stock..
Mahindra & Mahindra Promoter group subsidiary Prudential Management and Services Pvt Ltd (PMSL) has initiated a sale of up to 9.3 million shares, which is about 0.75% of the company's stake, through block trades..
Giving a clarification on the media reports, Mahindra & Mahindra said that the family proposes to sell a small number of shares held by Prudential Management and Services in Mahindra & Mahindra..
Post transmission of shares of PMSL held by the former Chairman of M&M, Late Mr. Keshub Mahindra (who passed away on 12th April, 2023), to his family members, the family is looking for liquidity for specific needs, and hence proposes to sell a small number of shares held by PMSL in M&M..
The family shall continue to retain the status of Promoter Group of M&M and there is no intention to sell further shares in the foreseeable future, the company said.. . Published on: Mar 06, 2024, 9:44 PM IST.
