Mahindra & Mahindra Limited (NSEI:M&M) is looking to sell shares worth INR 5.20 billion of Mahindra CIE Automotive Limited (BSE:532756) through a block deal, according to a team sheet reviewed by ET. M&M has put INR 1.21 crore shares on the block with a price band of INR 430 - INR 452.85 per share, which is up to 5% discount to the closing price of April 24, 2023. Term sheet of the block deal shows it is a clean out deal which means the stake of M&M in the Mahindra CIE Automotive will drop to nil.

M&M held a 3.20% stake in Mahindra CIE Automotive at the end of March 2023, according to BSE data. Kotak Securities is the broker to the deal.