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Mahindra & Mahindra has sold its entire 71.19 percent stake in Swaraj Automotives Ltd (SAL) for Rs 24.84 crore to b4S Solutions.
M&M said in a regulatory filing that “The company has on Friday entered into a share purchase agreement with b4S Solutions… for the sale of its entire stake in SAL.”
It further added that under this agreement the company has sold 17,06,925 equity shares of Rs 10 each at a price of Rs 145.5 per equity share.
According to M&M, the transaction is expected to be finished in the first week of January 2016 subject to regulatory approvals.
