According to sources who spoke to CNBC-TV18 on May 23, the car giant and promoter business Mahindra & Mahindra is set to sell a 3.2 percent interest in the automotive component supplier Mahindra CIE Automotive Ltd. through a block trade in the near future. This would equate to 1.2 million shares.

When compared to the current market price (CMP), it is anticipated that the sale will be at a discount of between 5 and 6 percent. When compared to the previous day’s closing price, each share of Mahindra CIE ended Tuesday’s trading session on the BSE at Rs 453.20, an increase of 0.40 percent.

According to further sources, Kotak Securities is most likely to act as the broker for the transaction.

Through a transaction known as a block trade, Mahindra & Mahindra had previously disposed of a 6.05 percent ownership stake in Mahindra CIE Automotive by March. This stake represented 2,288,000 shares. The business offered shares for sale at a gross price of Rs 357.39 per unit, which represented a reduction of about 11% compared to the previous closing price. Following the completion of the transaction, Mahindra & Mahindra’s percentage of ownership in Mahindra CIE Automotive dropped from 9.25 percent to 3.19%.

Mahindra CIE reported a combined net loss of Rs 657.8 crore for the quarter that ended in December 2022. In the same time period the previous year, the firm recorded a combined net profit of 80.2 crore Indian rupees.

The current quarter’s revenue from operations was 2,246.8 crore, which is an increase over the previous year’s figure of 1,669.2 crore for the same time period (September–December). The firm operates on a calendar year that runs from January to December.

In addition, the board of directors of the company headquartered in Pune has proposed a final dividend of Rs. 2.5 per share of Rs. 10 each for the fiscal year that will finish on December 31, 2022.