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AgenciesMahindra and Mahindra 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.Live Events“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.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onrbl bankmahindra & mahindram&mRBL Bankstake saleBSEM&M stock priceMahindra (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onrbl bankmahindra & mahindram&mRBL Bankstake saleBSEM&M stock priceMahindra(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
