Mahindra & Mahindra (M&M) on Thursday sold 3.53% stake in RBL Bank for Rs 678 crore, representing a 62.5% gain on the investment.
The Mumbai-based diversified firm had announced the acquisition of 3.53% of stake in RBL on July 26, 2023. The treasury investment was done at a cost of Rs 417 crore.
"...We would like to inform you that the company has today sold its entire stake in RBL Bank for a consideration of Rs 678 crore, representing a 62.5% gain on the investment," M&M said in a regulatory filing.
M&M's shares were trading 1.74% higher at Rs 3,643.75 apiece on BSE.
Soon after the initial investment in RBL Bank, M&M managing director Anish Shah had clarified that the company did not plan to raise its holding in RBL Bank beyond 9.9% unless there was a compelling investment rationale.
“There is no intention of going further at this point. But it helps us understand the sector a lot better to enhance the value of a business that is nearly a Rs 40,000 crore market capitalisation,” Shah had said earlier.
The Mumbai-based diversified firm had announced the acquisition of 3.53% of stake in RBL on July 26, 2023. The treasury investment was done at a cost of Rs 417 crore.
"...We would like to inform you that the company has today sold its entire stake in RBL Bank for a consideration of Rs 678 crore, representing a 62.5% gain on the investment," M&M said in a regulatory filing.
M&M's shares were trading 1.74% higher at Rs 3,643.75 apiece on BSE.
Soon after the initial investment in RBL Bank, M&M managing director Anish Shah had clarified that the company did not plan to raise its holding in RBL Bank beyond 9.9% unless there was a compelling investment rationale.
“There is no intention of going further at this point. But it helps us understand the sector a lot better to enhance the value of a business that is nearly a Rs 40,000 crore market capitalisation,” Shah had said earlier.
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