Key Points
Mumbai: Mahindra & Mahindra's promoter group entity Prudential Management and Services Pvt Ltd (PMSL) has initiated a secondary sale of shares in the company as the family is looking for liquidity for specific needs, the automobile manufacturer said in a filing with the stock exchanges on Wednesday...
The company made the filing as a clarification to a news item on the sale of shares by its promoters...
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 filing said..
The family shall continue to retain the status of the promoter group of M&M and there is no intention to sell further shares in the foreseeable future...
According to the term sheet for the share sale, PMSL will sell 9.3 million shares, equivalent to 0.75% of the company's stake, through block trades..
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