Mahindra CIE hits new high
By Ruma Dubey
about 17 days ago
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.