Mahindra & Mahindra Financial Services has announced on Thursday that it has approved the proposal for sale of 12.37% stake in its wholly-owned subsidiary viz. Mahindra Insurance Brokers to Inclusion Resources for an amount aggregating Rs 643.3 million.
Inclusion Resources is a subsidiary company of Leapfrog Financial Inclusion Fund, incorporated in Singapore. This stake sale is subject to the receipt of necessary regulatory approvals.
Shares of the company declined Rs 7.05, or 0.83%, to trade at Rs 837.55. The total volume of shares traded was 19,614 at the BSE (9.54 a.m., Friday).