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Last Updated : Jun 03, 2019 12:34 PM IST | Source: Moneycontrol.com

M&M gains 2% after Canadian fund buys stake for Rs 1,244 cr

M&M said proceeds of the sale would be used for its various operational requirements

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Mahindra & Mahindra shares gained 1.6 percent intraday on June 3 after promoter sold 1.54 percent stake in the company to Canada-based institutional investor.

The stock was quoting at Rs 656.95, up Rs 9.85, or 1.52 percent on the BSE, at 1206 hours IST.

Mahindra & Mahindra said M&M Benefit Trust sold 1.92 crore shares of the company, amounting to Rs 1,244 crore, on the Bombay Stock Exchange.

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The buyer is CDPQ, an institutional investor that manages funds for several public and para-public organizations in Quebec, Canada, it added.

The company said proceeds of the sale would be used for its various operational requirements.

After this transaction, the M&M Benefit Trust will hold 8.44 crore shares, representing 6.8 percent of the equity capital of the company.

Mahindra's sales in May fell 3 percent year-on-year to 45,421 units despite new launches like XUV300, Alturas and Marazzo.

Even tractor sales declined sharply by 16 percent to 24,704 units compared to year-ago due to high base and inventory. Tractor demand was lower than expected in May, the company said.

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First Published on Jun 3, 2019 12:34 pm
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