Why Are Mahindra CIE Shares Rising Today?

Shares of Mahindra CIE were on the climb on Wednesday after Mahindra & Mahindra (M&M) reportedly sold off its stake in the automotive components maker in a block deal.

What Happened? M&M was planning to sell Mahindra CIE Automotive shares worth ₹520 crore through a block deal on Wednesday, multiple media reports said.

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M&M was reportedly looking to offload its remaining stake, which stood at 3.2% in at the end of March 2023, in Mahindra CIE Automotive.

M&M had reportedly planned to sell 1.21 crore Mahindra CIE shares within a price band of ₹430 to 452.85 per share, which implies a discount of around 5% to its last close. 

Price Action: Shares of Mahindra CIE were up 5.22% at ₹476.50, while M&M shares dipped 0.32% to ₹1,264.50 in early trade.

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