Home-grown auto major Mahindra & Mahindra (M&M) on Tuesday said it has sold a 2.17 percent stake in automotive component supplier Mahindra CIE Automotive Ltd for Rs 285 per share.

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"We would like to inform you that the company has today sold 82,42,444 equity shares representing 2.173% of the paid-up share capital of Mahindra CIE Automotive Limited, a listed associate of the company," the company said in an exchange filing on September 27.

"The sale has been executed on the stock exchange(s) through the bulk deal window, at a gross price of Rs 285 per share. Following the sale, the shareholding of the Company in MCIE has come down from 11.427% to 9.254% of its share capital, the company added.

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Mahindra CIE posted a consolidated net profit of Rs 161.42 crore for the first quarter ended March. The company had reported a consolidated net profit of Rs 10.09 crore in the year-ago period.

Revenue from operations rose to Rs 2,588.36 crore for the first quarter compared with Rs 2,189.4 crore in the January-March period of last year. The company follows a January-December financial year.

The board of the Pune-based firm has also recommended a final dividend of Rs 2.5 per share of Rs 10 each for the financial year ending December 31, 2021.

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(Edited by : Shoma Bhattacharjee)