Mahindra & Mahindra (M&M) has divested 7.5 percent stake in the group hospitality arm Mahindra Holidays & Resorts India (MHRIL) for around Rs 274.36 crore. Pursuant to approval of the board of directors, the company sold 66,58,565 shares representing 7.5 percent of the share capital of MHRIL. The sale has been executed at an average gross price of Rs 412.05 per share.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.