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Homegrown auto major Mahindra & Mahindra today said it has completed the sale of its entire 71.19 per cent stake in Swaraj Automotives Ltd (SAL) for Rs 24.84 crore to b4S Solutions.
The company had completed the sale of 17,06,925 equity shares of Rs 10 each yesterday, M&M said in a BSE filing.
Last year in October, the company had entered into an agreement with b4S Solutions for the sale of its entire stake in SAL. Under the agreement, the company had fixed the price at Rs 145.5 per equity share.
M&M had acquired stake in SAL through an open offer where it bought 43.3 per cent stake in Punjab Tractors.
Swaraj Automotives Ltd is into manufacturing of seats and seat mechanisms for tractors, commercial vehicles and passenger vehicles.
b4S Solutions is engaged in the business of telecom and transmission tower management, manufacturing in packaging industry, automotive dealerships and service centres and manpower outsourcing.
M&M shares were trading at Rs 1,224.50 apiece in morning trade, down 0.20 per cent from the previous close on the BSE.
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