Mahindra & Mahindra to sell entire stake in Mahindra Sanyo Special Steel for Rs 212 crore

Industry:    1 month ago

Mahindra & Mahindra (M&M) on Saturday said it has agreed to sell over 34.75 lakh shares, constituting 22.81 per cent of the paid-up capital, in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), to Japan-based Sanyo Special Steel Co Ltd in a Rs 212 crore deal.

Following the sale, the company’s holding in MSSSPL would become nil, M&M said in a regulatory filing.

The Mumbai-based automaker will receive Rs 211.99 crore from the stake sale, it added.

For the year ended March 31, 2021, the turnover of MSSSPL stood at Rs 834.43 crore constituting 1.12 per cent of the consolidated turnover of the company, M&M said.