Mahindra sold 13,617 shares, or 0.04 per cent stake, in Mahindra Ugine Steel for Rs 58,46,088 through open market on the Natioal Stock Exchange, the company said in a communique to stock exchanges.
Following the transaction, Mahindra has no shares in the Mahindra Ugine Steel, a speciality steel producer.
Mahindra Ugine Steel is a subsidiary of Mahindra CIE Automotive, earlier known as Mahindra Forgings. Shareholders of Mahindra CIE Automotive had on June 20 approved merger of five subsidiaries with itself including Mahindra Ugine Steel.