M&M divests 7.5% Mahindra Holidays stake for Rs 274 cr

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Mahindra & Mahindra today said it today divested 7.5 percent stake in the group hospitality arm Mahindra Holidays & Resorts India Ltd (MHRIL) for around Rs 274.36 crore.

Pursuant to approval of the board of directors, the company today sold 66,58,565 shares representing 7.5 percent of the share capital of Mahindra Holidays & Resorts India Ltd, Mahindra & Mahindra said in a filing to BSE.

The sale has been executed at an average gross price of Rs 412.05 per share, it added. The company, however, did not disclose to whom the shares have been sold.

"Following the sale, the shareholding of the company in MHRIL would come down from 75 percent to 67.5 percent of its share capital," Mahindra & Mahindra said.

The stock of Mahindra & Mahindra was trading at Rs 1,306.75 in the afternoon trade on BSE, up 0.22 percent from its previous close.