Feb 9: Mumbai-based leading automaker Mahindra & Mahindra Ltd (M&M) on Friday said that it has agreed to sell 26,36,401 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating 22% of the paid-up Equity Share Capital of MSSSPL, to Japan-based Sanyo Special Steel Co., Ltd (Sanyo), for a consideration of Rs 146.32 crore.
MSSSPL is a joint venture between Mahindra & Mahindra (51%), Sanyo and Mitsui & Co., Ltd (20%) Japan.
Following the sale, M&M’s shareholding in MSSSPL would come down to 29% from 51% of its share capital, and MSSSPL will cease to be a subsidiary of the Company.
According to the company, the sale is expected to complete by 31st March, 2018.
M&M shares were trading in red at Rs 748.60, down 0.68% from the previous closing of Rs 753.75, on BSE at 11.19 am today.