Shares of automotive components supplier Mahindra CIE Automotive Ltd. rallied more than 8 percent to hit a 52-week high on Wednesday after 1.2 crore shares or 3.2 percent of the overall equity exchanged hands in a large trade.

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The shares changed hands at an average price of Rs 458 per share, taking the total transaction value to Rs 560 crore. Buyers and sellers in the transaction are yet to be determined.

Sources had told CNBC-TV18 on Tuesday that Mahindra & Mahindra plans on selling its remaining 3.2 percent stake in Mahindra CIE, thereby marking its exit from the company.

Mahindra and Mahindra aimed at selling 1.21 crore shares of Mahindra CIE Automotive in a price range of Rs 430 to Rs 452.85 per share, which would garner around Rs 546 crore at the upper limit.

Mahindra and Mahindra already had sold 6 percent stake in Mahindra CIE a few months earlier, bringing its total stake down to 3.2 percent as of March 31, 2023.

Mahindra CIE Automotive is a subsidiary of Spain-based CIE Automotive group, which is specialised in supplying components and subassemblies for the automotive market and has a presence across the globe.

The automotive components maker reported revenue of Rs 1,142.37 crore for the March quarter as against Rs 992.49 crore in the year ago period. Its profit after tax rose to Rs 207.57 crore in the March quarter from Rs 168.69 crore in the year-ago period.

Shares of Mahindra CIE are trading 6.5 percent higher at Rs 482.20. The stock has gained nearly 40 percent so far this year and has gained more than 2.5 times or 170 percent over the last 12 months.