Anand Mahindra sells entire stake in Mahindra Ugine Steel

Mahindra Ugine Steel is a subsidiary of Mahindra CIE Automotive, earlier known as Mahindra Forgings. Shareholders of Mahindra CIE Automotive had on June 20 approved merger of five subsidiaries with itself including Mahindra Ugine Steel.

Mahindra Ugine Steel today said its Chairman Anand Mahindra Tuesday sold all his 13,617 shares in the company for over Rs 58 lakh.

Mahindra sold 13,617 shares, or 0.04 percent stake, in Mahindra Ugine Steel for Rs 58,46,088 through open market on the Natioal Stock Exchange, the company said in a communique to stock exchanges.

Following the transaction, Mahindra has no shares in the Mahindra Ugine Steel, a speciality steel producer.

Anand Mahindra started off at Mahindra in 1981 when he joined Mahindra Ugine Steel Co as executive assistant to the Finance Director. In 1989, he was appointed President and Deputy Managing Director of the company.

Mahindra Ugine stock price

On June 24, 2014, Mahindra Ugine Steel Company closed at Rs 428.05, up Rs 68.50, or 19.05 percent. The 52-week high of the share was Rs 431.45 and the 52-week low was Rs 65.80.

The company's trailing 12-month (TTM) EPS was at Rs 57.59 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 7.43. The latest book value of the company is Rs 109.09 per share. At current value, the price-to-book value of the company is 3.92.

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