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Goldman entity sells 1.9 percent stake in M&M
July 17, 2014 / 1:07 PM / 3 years ago

Goldman entity sells 1.9 percent stake in M&M

A showroom attendant cleans a Mahindra XUV500 car inside the company's showroom in Mumbai May 30, 2013. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - Cyprus-based Golboot Holdings, a firm controlled by Goldman Sachs Group Inc (GS.N) sold 11.8 million shares, or a 1.91 percent stake, in Indian auto maker Mahindra and Mahindra Ltd (MAHM.NS) via a block deal on the BSE exchange.

The sale was carried out at an average price of 1,161.23 rupees a share, according to exchange data.

The data also shows another Goldman entity, Goldman Sachs Singapore Pte, bought 4.26 million Mahindra and Mahindra shares, while Fidelity Destiny Portfolios Fidelity Advisor Diversified Stock bought 4.56 million shares.

Golboot Holdings sold 7 million shares of Mahindra and Mahindra at 1,076.21 rupees each on the NSE on May 14.

Mahindra and Mahindra said in May 2008 it had sold 7 billion rupees worth of convertible debt instruments to Golboot Holdings Ltd to fund its auto and tractor businesses.

Mahindra and Mahindra Ltd (MAHM.NS) shares fell 3.1 percent.

Reporting by Abhishek Vishnoi and Indulal PM and Anupama Dwivedi

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