Promoter group entity Prudential Management and Services Private Ltd is likely to sell 93 lakh shares of Mahindra & Mahindra (M&M) via a block deal, sources with knowledge of the matter told CNBC-TV18. The floor price for the deal is expected to be ₹1,911.5-1,970.65, sources said. This is at a discount of 0-3% to Wednesday's closing price for the stock. The deal size is likely to be $17,777 million.
Post this transaction, the promoter will have a lock-up for 90 days before the next sale.
Based on the latest data, M&M's promoter group holds a 19.32% stake in the company of which Prudential Management and Services Private owns 11.64%. Kotak Mahindra Capital is the advisor for the deal.
Shares of Mahindra & Mahindra ended 1.69% higher on Wednesday at ₹1,972. The stock has jumped more than 52% in the last 12 months.
Also Read: Samvardhana Motherson Block Deal: Promoter sells 4.4% stake, confirms CNBC-TV18 newsbreak
(Edited by : Shoma Bhattacharjee)
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