M&M sells 71% stake in Swaraj Automotives to b4S Solutions

Mahindra & Mahindra (M&M) has completed the sale of its entire 71.19% stake in Swaraj Automotives (SAL) for Rs 24.84 crore to b4S Solutions. The company had completed the sale of 17,06,925 equity shares of Rs 10 each. M&M had acquired stake in SAL through an open offer where it bought 43.3 per cent stake in Punjab Tractors.

Last year in October, the company had entered into an agreement with b4S Solutions for the sale of its entire stake in SAL. Under the agreement, the company had fixed the price at Rs. 145.5 per equity share.

Swaraj Automotives is into manufacturing of seats and seat mechanisms for tractors, commercial vehicles and passenger vehicles.