11th Apr 2014 15:47
LONDON (Alliance News) - Elephant Capital PLC Friday said that it has sold its remaining stake of 934,736 shares in Mahindra CIE Automotive Ltd for a cash consideration of INR74.3 million, equivalent to approximately GBP0.74 million.
The group acquired its holding in Mahindra in 2007 and 2009. The aggregate cost of the shares sold was GBP1.68 million, and the fair value of those shares as at August 31, 2013 was GBP0.58 million.
Elephant Capital said that it realised a loss of GBP0.93 million on the disposal, and that it return the sale proceeds to shareholders.
Shares in the company closed flat at 17.25 pence Friday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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