Mahindra sells entire stake in RBL Bank for Rs 678 croreOn July 26, 2023, the Mumbai-based diversified firm had announced the acquisition of 3.53% stake in RBL Bank as a treasury investment at a cost of Rs 417 crore.
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New Delhi: Mahindra & Mahindra (M&M) on Thursday said it has sold 3.53 per cent stake in RBL Bank for Rs 678 crore representing a 62.5 per cent gain on the investment.
On July 26, 2023, the Mumbai-based diversified firm had announced the acquisition of 3.53 per cent stake in RBL Bank as a treasury investment at a cost of Rs 417 crore.
"In furtherance to above, 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 per cent gain on the investment," M&M said in a regulatory filing.
The company's shares were trading 1.13 per cent up at Rs 3,621.95 apiece on BSE.