Mahindra CIE hits new high

Mahindra CIE, which had closed yesterday at Rs.452.80, opened today in the red at Rs.448 but from there it zoomed up to hit a new 52-week high at Rs.493. Volumes are high at over 9x.

The stock price surged after M&M announced that it plans to sell its entire stake, now at 3.2% or 1.2 crore shares in Mahindra CIE via block trades.

The offer price for this has been set at Rs.430-452.85/share and its aim is to raise Rs.5300 crore.

In March, the company held 9.25% of which it sold off 6.05% and now the remaining too is being sold off, bringing its stake to nil.